Dow futures jumped on Friday as upbeat results from JPMorgan (JPM) and Wells Fargo (WFC) lifted those big banks’ stocks, while the other major gauges traded little changed.
Futures on the Dow Jones Industrial Average (^DJI) added 0.4%, or about 150 points, as quarter earnings from Wall Street names started rolling in. But S&P 500 (^GSPC) futures were just 0.1% higher, while Nasdaq 100 futures were broadly flat.
Investors were weighing quarterly updates from the financial sector, with the focus on any signs of impact from this spring’s bank failures and the subsequent draining of deposits across the system.
JPMorgan and Wells Fargo shares were on the rise after they both reported a surge in profits in the second quarter. Meanwhile, BlackRock (BLK) stock slipped after its revenue fell year-on-year.
All the major benchmarks look on track for weekly wins, after signs that inflation is cooling and that the labor market is robust have lifted hopes that a strong economy can give stocks momentum to run higher after a stellar start to the year.