MARKET SNAPSHOT: Dow Industrials Set To Hover At Record As J.P. Morgan, Citi Report

By Barbara Kollmeyer, MarketWatch Features Dow Jones Newswires

Consumer prices, retail sales also headline a busy day

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The Dow Jones Industrial Average was poised to hover around record highs on Friday, though stock futures pointed to slight caution ahead of earnings reports from major banks, including J.P. Morgan Chase & Co. and Citigroup Inc.

The economic front will also be busy, with data on consumer prices and retail sales due to hit before the market opens.

DJIA futures eased 12 points to 21,498, while S&P 500 futures were off 1.85 points to 2,443.75. Nasdaq-100 futures dipped 2.5 points to 5,794.50.

On Thursday, the Dow industrials logged its 24th record close this year (http://www.marketwatch.com/story/dow-aims-for-fresh-record-as-yellen-emboldens-bulls-2017-07-13), driven by gains for the financial and retail sectors. The index rose 0.1% to finish at 21,553.09. The S&P 500 index added 0.2% while the Nasdaq Composite picked up 0.2%, its fifth-straight positive close.

On the whole, it's been a winning week for stocks, led by a nearly 2% gain for the Nasdaq, a roughly a 1% gain for the S&P 500 and a 0.7% rise for the DJIA ahead of Friday's session. Dovish comments from Federal Reserve Chairwoman Janet Yellen in Capitol Hill testimony boosted stocks this week.

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Friday marks a big day for the start of second-quarter earnings season as J.P. Morgan(JPM) , Citi (C) and Wells Fargo & Co.(WFC) are all due to report ahead of the opening bell.

Analysts are expecting banks could deliver a weak quarter and kick off the latest in a string of disappointing earnings seasons (http://www.marketwatch.com/story/bank-earnings-expect-another-meh-quarter-of-weak-trading-revenue-2017-07-10). The shine has come off the sector as hopes have faded that President Donald Trump will push through structural reforms and boost the economy. Disappointment from banks could weigh on the broader market, warned some.

"Soft financial results could dent the appetite and pull ... U.S. stocks down from their all-time high levels," said Ipek Ozkardeskaya, senior market analyst at LCG, in a note to clients.

Read:Four key sectors to watch closely this earnings season (http://www.marketwatch.com/story/four-key-sectors-to-watch-closely-this-earnings-season-2017-07-13)

(http://www.marketwatch.com/story/four-key-sectors-to-watch-closely-this-earnings-season-2017-07-13)Data on tap: Also in focus for investors, consumer prices and retail sales for June are due at 8:30 a.m. Eastern Time. Economists polled by MarketWatch expect the consumer-price index rose 0.1% month-on-month in June, while core inflation is seen coming in at 0.2%.

At 9:15 a.m., June industrial production and capacity utilization will be released.

Dallas Fed President Robert Kaplan will speak on Fed and monetary policy in Mexico City at 9:30 a.m. Eastern.

Other markets: Across Asia , markets ended the day with modest gains. European stocks (http://www.marketwatch.com/story/european-stocks-waver-but-best-week-in-two-months-in-sight-2017-07-14) stocks were mixed, but still looking at the best week in two months. A stronger British pound was weighing on the FTSE 100 (http://www.marketwatch.com/story/stronger-pound-holds-ftse-100-back-for-2nd-day-2017-07-14) for a second day.

Oil prices rose modestly, along with gold , while the dollar was mostly flat.

Read:Saudi Arabia's worst-case oil scenario might surprise you ()

(END) Dow Jones Newswires

July 14, 2017 05:52 ET (09:52 GMT)