Stock futures traded with mixed sentiments on Friday as the S&P 500 index crossed the 4,500 mark. Investors eagerly awaited the earnings reports from major U.S. banks.
JPMorgan Chase Expected to Report Strong Second-Quarter Earnings
Analysts are anticipating that JPMorgan Chase (JPM) will announce second-quarter earnings exceeding $12 billion, equivalent to $1.97 per share. The largest U.S. bank by assets is likely to experience a significant profit surge of around 40% due to higher interest rates. Shares of JPMorgan rose by 0.8% during premarket trading.
Citigroup’s Second-Quarter Earnings Forecasted to Decline
Wall Street expects Citigroup (C) to report second-quarter earnings of $1.31 per share and revenue of $19.3 billion. These figures reflect a sharp decline compared to the same quarter last year, where the bank earned $2.19 per share on $19.6 billion in revenue. Profitability is predicted to be impacted by continued weakness in deal-making activities. Citigroup shares were up by 0.2%.
Wells Fargo and BlackRock Also Set to Release Quarterly Earnings
Wells Fargo (WFC) and BlackRock (BLK) are scheduled to announce their quarterly earnings before the market opens on Friday.
UnitedHealth’s Second-Quarter Earnings Expectations
Analysts anticipate UnitedHealth (UNH) to report second-quarter earnings of $5.99 per share on revenue amounting to $91 billion. The stock saw a 0.5% increase in value ahead of the report, expected to be released before the market opens.
Ericsson’s Q2 Adjusted Operating Profit Falls
Shares of Ericsson (ERIC), the Swedish telecommunications giant, dropped by 8.4% after reporting a 62% decline in second-quarter adjusted operating profit compared to the same period a year ago. The decrease was driven by a sharp decline in networking-equipment sales.
Nokia Cuts Sales Forecast, Stock Price Declines
American depositary receipts of Finnish telecommunications company Nokia (NOK) experienced a significant decline of 9.2% following the company’s decision to lower its 2023 sales forecast. Nokia also adjusted its margin guidance, citing a weaker demand outlook in the second half of the year.
Roivant Sciences Surges on Potential $7 Billion Deal
Roivant Sciences (ROIV) saw a premarket trading increase of 10% after reports surfaced that the company was in talks to sell an experimental drug for the treatment of ulcerative colitis and Crohn’s disease to Roche Holding. If finalized, the deal could be valued at more than $7 billion.