Friday's trading: 5 things to know
In addition to bank earnings, traders will have economic data to study including retail sales
Here are the key events taking place on Friday that could impact trading.
The release of earnings from the big banks continues Friday morning.
CITIGROUP: is expected to report an increase in revenue, but a lower profit than a year ago. The Refinitiv estimate is for $1.68 per share, down from $2.63 a year ago. The revenue estimate is for $18.22 billion, a 4% boost from a year ago.
WELLS FARGO: is expected to report lower profit and revenue than a year ago. The Refinitiv estimate is for $0.80 per share, down from $1.38 a year ago. The revenue estimate is for $17.53 billion, down 13% from a year ago.
JPMORGAN'S DIMON CAUTIOUS ON GLOBAL ECONOMY
Other companies scheduled to report are: US Bancorp, PNC Financial Services Group, BlackRock, Bank of New York Mellon, State Street Advisors and UnitedHealth Group.
RETAIL SALES: The Commerce Department will have the numbers for June. Economists surveyed by Refinitiv anticipate consumer spending to rise 0.8% month-over-month, rebounding from a surprise decline of 0.3% in May. Excluding the automotive component, spending is seen rising 0.6% in June, up from 0.5% the prior month.
AMAZON PRIME DAY SKIRTS INFLATION
NEW YORK FED: The Empire State Manufacturing Survey is expected to slip to a reading of -2.0 in July from -1.2 the previous month, notching its third straight month in contraction territory. A number above zero means that more New York-area manufacturers say business conditions are improving rather than worsening.
WHOLESALE INFLATION SURGES 11.3% IN JUNE, ACCELERATING MORE THAN EXPECTED
INFLATION REPORT: Import and export prices for June will be released. Prices of imported goods likely rose 0.7% month-over-month, slightly above May’s 0.6% increase. Watch for export prices to rise by 1.2% in June, less than half of May’s 2.8% spike and down from a record 4.1% jump in March.