Dow Futures Rise for 5th Day as Bank Earnings Roll In

JPMorgan Chase is on the rise after a strong report

Deputy Editor
Jul 14, 2023 at 9:13 AM
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Dow Jones Industrial Average (DJI) futures are up triple digits once more this morning, while futures on the S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) rotate around fair value. Investors are unpacking a slew of mostly upbeat bank earnings, as Wall Street aims for a perfect week with five-straight days of gains. Meanwhile, oil prices are on track for their strongest two weeks of gains since April. 

Continue reading for more on today's market, including: 

  • Why options bulls blasted Walt Disney stock. 
  • Bank stock ripe for a short squeeze ahead of earnings.
  • Plus, more on today's bank earnings; and PLUG looks to extend rally. 

Futures July14

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 2.2 million call contracts and over 1 million put contacts exchanged on Thursday. The single-session equity put/call ratio fell to 0.48 and the 21-day moving average stayed at 0.65.
  2. JPMorgan Chase & Co (NYSE:JPM) stock is up 3% premarket, and looking to extend its rally, after the blue-chip bank giant's upbeat second-quarter report. The company's deal with First Republic boosted profits, and the firm's CFO stated that the worst of the banking crisis is over. Year-to-date, the equity is up 11%. 
  3. Citigroup Inc (NYSE:CITI) stock is up 1.1% in electronic trading after its own second-quarter earnings beat, though profit dropped 36%. Since the start of the year, the shares are up 5.4%. 
  4. Plug Power Inc (NASDAQ:PLUG) is up 6.6% before the bell, eyeing its sixth-straight daily gain, after Northland Capital Markets upgraded the stock to "outperform" from "market perform." Should these gains hold, PLUG will surpass its year-to-date breakeven level. 
  5. Today will bring the import price index and preliminary consumer sentiment data.


Stocks Cautiously Climb Overseas 

Asian markets were mostly higher on Friday, on the heels of upbeat inflation data out of the U.S. South Korea’s Kospi added 1.4%, while Hong Kong’s Hang Seng rose 0.3%. China’s Shanghai Composite settled only slightly above breakeven with a 0.04% gain, and Japan’s Nikkei saw 0.09% dip, as investors unpack industrial production data from May.

European markets are mixed, after telecom Nokia slashed sales and margin forecasts, and Ericsson issued disappointing results. Investors are also weighing growing U.K. wages and a contracting economy. Nevertheless, France’s CAC 40 is 0.4% higher, London’s FTSE 100 is up 0.3%, and the German DAX is 1% lower.


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