US stock futures were mixed on Thursday, with the S&P 500 poised to build on the previous day’s surge as investors geared up for another round of big bank earnings and a fresh reading on retail sales.
S&P 500 (ES=F) futures put on 0.2%, while those on the tech-heavy Nasdaq 100 (NQ=F) gained roughly 0.5%. But Dow Jones Industrial Average (YM=F) futures sank nearly 0.3%, weighed down by a slide in UnitedHealth (UNH) stock.
Markets are still enjoying some relief from a surprise easing in consumer inflation that prompted questions about whether the pricing out of interest-rate cuts this year had gone too far. Stocks ripped higher on Wednesday on the back of the data and stellar earnings from major US lenders.
Traders have now ramped up bets that the Federal Reserve lowers rates before July, reversing the pile-out that was sparked by the stronger-than-expected December jobs report.
At close: January 15 at 4:51:14 PM EST
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Eyes are now on the December retail sales report due later for insight into economic growth, while a weekly update on jobless claims could test rate-cut hopes.
Investors are also looking to Bank of America (BAC) and Morgan Stanley (MS) results before the bell for a replay of the blowout profits posted by their peers. JPMorgan Chase (JPM) and Goldman Sachs (GS) earnings shone in 2024 and last quarter amid a comeback in dealmaking.
Elsewhere in earnings, UnitedHealth’s fourth quarter revenue fell short of estimates, dented by weakness in its health insurance unit. The stock slid 4.8% in pre-market trading.
Meanwhile, an upbeat sales outlook from Taiwan Semiconductor Manufacturing Co. (TSM, 2330.TW) boosted optimism for AI hardware demand this year. The main chip supplier to Nvidia (NVDA) and Apple (AAPL) on Thursday booked a 57% rise in net profit to hit a quarterly record. TSMC shares popped over 5% in pre-market trading after its earnings report, while Nvidia stock added nearly 2%.
Coming soon
stock market coverage for Thursday, January 16, 2025.
