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Stock index futures were mixed Friday as earnings season kicks off in earnest.
S&P futures (SPX) -0.1% and Nasdaq 100 futures (NDX:IND) -0.2% were lower. Dow futures (INDU) +0.1% were higher.
The market looks set for a winning week after a very strong Monday. The S&P 500 (SP500) is up 1.8% going into Friday’s trading, with the Nasdaq (COMP.IND) up 3% and the Dow (DJI) up 0.7%.
Bank earnings will do much to determine early direction, with J.P. Morgan (JPM), BofA (BAC), Citi (C) and Wells Fargo (WFC) weighing in.
Following yesterday’s CPI, which came in a little hotter than expected due mainly to shelter, the December PPI is due before the bell.
“With shelter inflation still running at elevated levels, it’s plausible that you could end up with a larger wedge between the two, with the PCE indicators looking better on a relative basis, which would offer the Fed greater justification to cut rates,” Deutsche Bank’s Jim Reid said. “As part of that, it’ll be worth looking out for today’s PPI reading, as some of the measures there will provide an indication about some of the larger components for core PCE, like healthcare and portfolio management.”
Rates were steady. The 10-year Treasury yield (US10Y) was up 1 basis point to 3.98%. The 2-year yield (US2Y) was flat at 4.27%.
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