In premarket trading on Friday, the stock market presented a mixed outlook as investors awaited earnings updates from some of the largest U.S. banks. Among these, JPMorgan Chase, the country’s leading bank by assets, was in focus. Analysts anticipated its first-quarter earnings to be around $4.17 per share, with revenue expected to reach $42 billion. The market keenly awaited guidance on net interest income, a crucial metric reflecting the revenue banks generate from interest-bearing assets like loans, offset by interest expenses paid out to customers. Notably, JPMorgan shares saw a 1% increase in premarket trading.
Wells Fargo and Citigroup, two other major players in the banking sector, were also on investors’ radar. Wells Fargo was expected to report earnings of $1.06 per share for the first quarter, a decline from $1.23 per share reported a year earlier. Similarly, Citigroup was forecasted to post a profit of $1.18 per share, significantly lower than the $2.19 per share recorded in the first quarter of 2023. Despite these projections, Wells Fargo saw a 0.3% increase in premarket trading, while Citigroup gained 0.8%.
Additionally, BlackRock and State Street were scheduled to release their quarterly earnings before the market opened on Friday, adding to the anticipation surrounding the financial sector’s performance.
Meanwhile, shares of Morgan Stanley remained relatively unchanged in premarket trading after experiencing a 5.3% decline on Thursday. This drop followed reports of federal regulators investigating the investment bank’s practices regarding wealth management clients at risk of money laundering.
Beyond the banking sector, other notable movements included Amazon, which reached a record high in Thursday’s trading session but saw a slight decrease in premarket trading on Friday. Similarly, Apple, after experiencing its best one-day gain since May 2023 on Thursday, edged slightly lower in premarket trading.
Rivian Automotive, an electric-vehicle maker, witnessed its shares fall to a record low on Thursday. This decline was influenced by Ford’s decision to reduce pricing for its all-electric F-150 Lightning pickup trucks. Overall, with the market dynamic and subject to ongoing shifts, investors remained attentive to further developments and earnings reports.