MARKET SNAPSHOT: U.S. Stock Indicators Ease From Record Highs As Bank Earnings Arrive

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Nasdaq debut for CarGurus

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U.S. stock futures on Thursday showed little change, setting the equity market up for a muted open following the prior day's trifecta of records.

Traders are waiting for earnings from banking giants, while also tracking a trading debut for a new issue and a surge for cryptocurrency bitcoin.

What are the main benchmarks doing?

S&P 500 futures edged down by 2.50 points, or 0.1%, to 2,550.50, while Dow Jones Industrial Average futures inched lower by 8 points, or less than 0.1%, to 22,808.00. Nasdaq-100 futures gave up 0.50 point to 6,082.00.

On Wednesday, the Dow industrials edged up to an all-time closing of 22,872.89 (http://www.marketwatch.com/story/bank-earnings-lower-for-longer-means-buybacks-will-continue-2017-10-06), as the S&P 500 and Nasdaq Composite also set records.

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The Dow has gained nearly 16% for the year, the S&P is up 14%, and the Nasdaq has risen 23%.

Read:The Dow's flirtation with 23,000 is a sign of the stock market's velocity (http://www.marketwatch.com/story/the-stock-markets-velocity-has-the-dow-flirting-with-230000-2017-10-05)

And see:Investors face 'mental exhaustion' in markets where nothing is 'normal' (http://www.marketwatch.com/story/investors-face-extreme-mental-exhaustion-due-to-high-valuations-low-volatility-2017-10-10)

Which stocks look like key movers?

Shares in J.P. Morgan Chase & Co.(JPM) and Citigroup Inc.(C) appear set for active trading as the two giant banks are among the companies expected to post earnings before the open. Domino's Pizza Inc.(DPZ) is also on the earnings docket ahead of the bell.

Read:Bank earnings: 'Lower for longer' means buybacks will continue (http://www.marketwatch.com/story/bank-earnings-lower-for-longer-means-buybacks-will-continue-2017-10-06)

And see:Third-quarter earnings seen as 'an easy beat,' may bring more market records (http://www.marketwatch.com/story/third-quarter-earnings-seen-as-an-easy-beat-could-set-up-more-stock-market-records-2017-10-09)

Telecom (http://www.marketwatch.com/story/att-warns-of-lower-q3-revenue-profit-on-hurricanes-mexican-earthquakes-2017-10-11)AT&T Inc.(T) , retailer (http://www.marketwatch.com/story/jjill-shares-plummet-after-outlook-cut-2017-10-11)J.Jill Inc.(JILL) and networking equipment maker (http://www.marketwatch.com/story/juniper-networks-shares-fall-after-profit-revenue-warning-2017-10-11)Juniper Networks Inc.(JNPR) look on track for down days after each company issued a profit warning late Wednesday.

CarGurus Inc.(CARG) is slated to have its trading Nasdaq debut on Thursday after pricing shares of its initial public offering above the expected rang range (http://www.marketwatch.com/story/cargurus-prices-ipo-above-expected-range-at-16-a-share-2017-10-11). The company helps buyers find deals on new and used cars.

What are strategists saying?

"Banks take the focus as J.P. Morgan Chase and Citigroup report results on Thursday, with analysts warning that results in the sector will largely be held back by low trading volumes, compared with a year earlier," said David Buik, a market commentator for Panmure Gordon, in a note.

What are other assets doing?

Bitcoin on Thursday recently traded 7% higher at $5,168 (http://www.marketwatch.com/story/bitcoin-jumps-7-to-new-all-time-high-above-5100-2017-10-12), according to CoinDesk data. The cryptocurrency is hitting all-time highs on Thursday. It previously topped the $5,000 mark in early September.

European stocks (http://www.marketwatch.com/story/spanish-stocks-pull-back-after-rally-as-other-european-markets-struggle-for-direction-2017-10-12) were little changed, while most Asian markets closed higher, with Japan's Nikkei benchmark finishing at a fresh 21-year high (http://www.marketwatch.com/story/nikkei-keeps-rising-as-asian-markets-extend-gains-2017-10-11).

Gold futures gained, while oil futures pulled back as the International Energy Agency said the world's crude supply expanded (http://www.marketwatch.com/story/oil-supply-rises-as-us-production-keeps-up-pace-despite-hurricanes-iea-2017-10-12) in September on the back of steady U.S. production growth. The ICE U.S. Dollar Index was roughly flat after falling Wednesday as minutes from the last Fed meeting showed some policy makers wondered whether an interest rate rise (http://www.marketwatch.com/story/december-rate-hike-not-automatic-minutes-of-last-months-meeting-show-2017-10-11) was needed in December.

What could help drive markets?

Readings on weekly jobless claims and a producer price index are slated to arrive at 8:30 a.m. Eastern Time.

Economists polled by MarketWatch forecast 250,000 claims and a 0.4% rise in producer prices for September.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

On the Federal Reserve front, Fed Gov. Jerome Powell is due to give a speech about emerging-market economies at 10:30 a.m. Eastern Time in Washington, D.C.

Fed Gov. Lael Brainard, European Central Bank President Mario Draghi and former Fed chief Ben Bernanke are expected to take part in a panel discussion about monetary policy at 10:30 a.m. Eastern in Washington.

(END) Dow Jones Newswires

October 12, 2017 06:36 ET (10:36 GMT)