– A + A NEW YORK/BENGALURU (Jan 14): US stock index futures edged lower on Friday as big lenders including JPMorgan and Wells Fargo kicked off the fourth-quarter earnings season with a mixed batch of results, while big technology companies extended declines after a bruising selloff. JPMorgan Chase & Co tumbled 3.0% in premarket trading on reporting weaker performance at its trading arm, even as it beat earnings expectations for the fourth quarter. Wells Fargo & Co, on the other hand, gained 1.8% after posting a greater-than-expected rise in fourth-quarter profit. Asset manager BlackRock Inc posted a fourth-quarter profit above estimates. However, its shares fell 0.1%. Year-over-year earnings growth from S&P 500 companies was expected to be lower in the fourth quarter, compared with the first three quarters but still strong at 22.4%, according to IBES data from Refinitiv. The S&P 500 financial sector is up nearly 6% since the start of this year, outperforming the S&P 500, amid expectations of banks benefiting from interest rate hikes by the Federal Reserve and firming Treasury yields. The financial sector has also benefited from a shift to economically sensitive sectors from growth sectors such as technology and consumer discretionary. Megacap growth companies including… Read full this story
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