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US Futures Decline As Bank Profits Don’t Impress

Tax Return
Tax Return; Source- Forbes

US stock futures fell sharply on Friday, as a series of significant bank reports did not alleviate investors’ expectations that the quarterly earnings season would help markets recover from their January slump.

Texas Intermediate Future

Futures for the Dow Jones Industrial Average (^DJI) fell by about 0.4%, while those for the S&P 500 (\GSPC) fell by 0.3%. The tech-heavy Nasdaq 100 (^NDX) saw a nearly 0.4% decline in contracts.

Wall Street lenders opened fourth-quarter earnings, which is viewed as an important opportunity for equities to overcome the losses they have accumulated thus far this year. Wells Fargo (WFC), Bank of America (BAC), and JPMorgan Chase (JPM) all released respectable earnings on Friday. However, the latter two suffered a decline in shares since they were unable to calm concerns about possible future suffering.

Additionally, after the US and its allies began airstrikes against the Houthi rebels in Yemen, the group backed by Iran that was responsible for the attacks on ships in the Red Sea threatened retaliation, sending oil prices plunging more than three percent. Brent futures (BZ=F) were above $80 a barrel, while West Texas Intermediate futures (CL=F) were just under $75.

Lower Intrest In Federal Reserve

Investors are keeping an eye out for producer inflation data, which is scheduled to be released on Friday morning, in an attempt to gain additional understanding of the pressure on prices following the unexpectedly high consumer CPI reading on Thursday. Regarding whether the Federal Reserve will lower interest rates in the next months, that unexpected print created additional doubts.

Bank

Source- CNET

BlackRock recorded net inflows of $289 billion in 2023, with the second-best quarter of the year occurring in Q4 when $96 billion in assets were infused into the company’s offerings. A net worth of almost $110 billion was transferred into BlackRock vehicles in Q1.

BlackRock said on Friday that it had paid $12.5 billion to acquire infrastructure fund manager GIP in addition to releasing its quarterly results. More than $100 billion in assets are managed by GIP.

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