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Home / Business / Dow Wants Three-Digit Profit As Chinese Trading Data Boosts the Stock Market Due to Healthy Bank Profits

Dow Wants Three-Digit Profit As Chinese Trading Data Boosts the Stock Market Due to Healthy Bank Profits



US. Friday's stock index futures indicated a significantly higher start for Wall Street as the corporate profit season began, led by the country's largest banks. Investors also digested Chevron Corp. the planned acquisition of Anadarko Petroleum which could affect market sentiment.

How are stock benchmarks going?

Futures for the Dow Jones Industrial Average

YMM9, + 0.94%

rose 233 points or 0.9% to 26,328 as the S & P 500 Index Futures rose

ESM9, + 0.64%

increased 14.95 points, or 0.6%, to 2,909.75. Nasdaq 100 futures

NQM9, + 0.47%

rose by 38.50 points to 7,656.25, an increase of 0.5%.

For the week, however, the Dow will decline 1.1%, the S & P 500 is 0.2% weekly, while the Nasdaq will see a weekly gain of 0.1% from Thursday night.

Thursday the Dow

DJIA, -0.05%

fell 14.11 points to 26,143.05 (S & P 500)

SPX, + 0.00%

rose 0.11 points to 2,888.32 and the Nasdaq Composite Index

COMP, -0.21%

fell 16.88 points or 0.2% to 7,947.36.

What drives the market?

Markets rose as trade data from China, which increased exports by 14.2% yoy, rose from the previous month in March. The forecasts called for an increase of 8.7% and after a sharp decline in February.

In addition, the issue was re-published bank loans in China amounted to 1.7 trillion yuan

USDCNY, -0.1964%

above economists' expected consensus expectations of 1.3 trillion yuan expected by economists suggest that the Chinese government's efforts to boost credit growth are working , However, imports decreased, reflecting weak domestic demand.

Meanwhile, quarterly results of JPMorgan Chase & Co.

JPM, + 0.84% ​​

were recorded, which boosted the first quarter result on early Friday while Wells exceeded Fargo & Co's expectations .

WFC, -0.10%

reported better sales and earnings than expected.

Strong bank profits may give investors more confidence in the underlying economy, and James Dimon, JPMorgan's Chief Executive, affirmed this statement in a Friday statement: "Despite the geopolitical uncertainty in the world, the US economy continues to grow, employment and wages are rising, inflation is moderate, financial markets are healthy, and consumer and corporate confidence remains strong.

Meanwhile, the oil giant is Chevron Corp.

CVX, + 0.40%

He said he intended to Anadarko Petroleum Corp.

Acquire APC, + 0.00%

in a cash-and-stock allotment of $ 33 billion or $ 65 per share.

Which stocks are in focus?

Dow-Component Chevron's shares fell 4.3% in the advance market, while Anadarko's shares were up 30% from the takeover bid.

Walt Disney Co . shares

DIS, -0.48%

were in focus after the entertainment giant said it wanted Disney + to be a video streaming company from November 12 for $ 6.99 a month or $ 69 Start $ a year. Shares in the Dow component gained about 6.1% in the pre-marketing.

Shares of Video Streaming Giant Netflix Inc. .

NFLX, + 1.02%

fell in front of the bell by 2.3%, probably in response to the announcement by Disney. Shares of JPMorgan Chase & Co.

JPM, + 0.84% ​​

jumped after reporting revenue and earnings that outperformed consensus estimates by Wall Street analysts. The shares rose by 2.8%.

Shares of Wells Fargo & Co.

WFC, -0.10%

rose 0.1% in the pre-market business after the bank's earnings and earnings estimates for the had exceeded first quarter.

Read: Financial stocks get a big boost after JPMorgan Chase and Wells Fargo

PNC Financial Services Group Inc. .

PNC, + 1.12%

rose 0.6% ahead of the bell on Friday after the large regional bank met earnings expectations and slightly exceeded first-quarter sales expectations.

What do strategists say?

Positive bank profits, most notably from JPMorgan, the country's largest bank, point to a "resilient US economy," said Tom Kennedy, chief trader and portfolio analyst of New England Investment & Retirement Group, to MarketWatch.

] Consumer Franchise shows that despite the uncertainty in the fourth quarter of last year, consumers continue to spend and strengthen the US economy, "he added.

" Chinese data seems to be the main driver of profits on Friday his . We should not get carried away with the numbers – the February data are a clear reminder of how volatile they may be this time of year – they are encouraging, "said Craig Erlam, Senior Market Analyst at Oanda, to MarketWatch.

Strong external demand coupled with domestic stimulus will support the world's second largest economy, which will be a relief for all, "he said.

What data is in focus?

Import prices rose in March for the second month in March Follow closely, the government said on Friday, even though the 0.6% rise in March is attributable to rising fuel prices.

At 10 am, the University of Michigan will publish its consumer sentiment index for April, according to MarketWatch surveyed economists assuming that the value will be 97.5, which is below the March level of 98.4 other assets traded?

Hong Kong's Hang Seng Index

HSI, + 0.24%

gained 0.2%, while the Shanghai Composite Index

SHCOMP, -0.04%

ended with a slight loss of less than 0.1%. Japan's Nikkei 225

NIK, + 0.73%

increased by 0.7%. By contrast, European equities underperformed with the Stoxx Europe 600

SXXP, + 0.10%

Increase of approximately 0.1%.

In the commodity markets the price of oil

CLK9, + 1.20%

surged after declining on Thursday according to a monthly report from the International Energy Agency

GCM9, + 0.13%

which settled below $ 1,300, recovered slightly. The dollar

DXY, -0.43%

decreased by 0.4%.

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