Bank earnings and economic data dominate market action


U.S. stock futures were higher this morning, as earnings season begins in earnest with a flood of quarterly results from financials that have been red hot since Election Day. Meanwhile, the Nasdaq was coming off its first down session of the year. (CNBC)

Bank of America (BAC) this morning reported adjusted quarterly earnings that beat estimates, but revenue that missed. Dow component JPMorgan (JPM) beat on earnings and revenue. (CNBC)

Wells Fargo (WFC) posted fourth-quarter results that missed on the top and bottom lines. The bank is coming off one of the most difficult years in its 165-year history. (CNBC)

BlackRock (BLK), the world's biggest asset manager, this morning reported adjusted quarterly earnings the beat expectations, while revenue missed. Meanwhile, CEO Larry Fink told CNBC Americans don't feel as "euphoric" about President-elect Donald Trump as the stock market does.

Oil was lower this morning, on lingering doubts about international producer compliance with supply cut targets. U.S. crude prices surged on Thursday, but were on pace to snap a four-week winning streak. (Reuters)

China's exports slumped more than expected in December and import growth cooled, against the backdrop of gyrations in the Chinese currency since Donald Trump won the U.S. presidency. (CNBC)

Pandora Media (P) was soaring about 7 percent in premarket trading, after announcing a 7 percent workforce reduction. The online music service issued a rosier outlook. Separately, SiriusXM (SIRI) is still said to be interested in Pandora at the right price. (NY Post)

Nintendo shares slumped Friday in Tokyo, as investors were left disappointed by the high-end starting price of the firm's much-awaited next-generation gaming system, Switch, which goes on sale globally on March 3. (CNBC)

Home improvement giant Lowe's is changing its store staffing model, with layoffs planned in the near future for "less than 1 percent" of its more than 285,000 person workforce. (CNBC)

Insurance giant Cigna (CI) is dropping coverage for Mylan's (MYL) branded $600 EpiPens, just as CVS (CVS) nearly cut in half the price of a rival autoinjector, Impax's (IXPL) Adrenaclick, (IXPL), to $109. (NBC News)

The House moved toward a Friday vote to begin dismantling Obamacare despite anxiety among some Republicans about rushing into repeal without a concert replacement plan. (Reuters)

C-SPAN is investigating how its online House feed Thursday was interrupted by programming for the Kremlin-backed broadcaster RT, a network that an intelligence report said collaborated with WikiLeaks. (NBC News)

Effective immediately, the Obama administration is ending a policy, dubbed "wet foot, dry foot," which gave Cuban arrivals to the U.S. residency even if they didn't have visas. (NBC News)

The Justice Department Inspector General is reviewing how the government handled certain aspects of the Hillary Clinton email investigation, including FBI Director James Comey's actions just before Election Day. (NBC News)

Calling him "the best vice president America has ever had," President Barack Obama awarded Joe Biden the Presidential Medal of Freedom, the highest civilian honor in the United States. (NBC News)


It's the busiest day of the week for economic reports, with December producer prices and retail sales both released at 8:30 a.m. ET. The University of Michigan's preliminary January consumer sentiment index and November business inventories are both out at 10 a.m. ET.

The U.S. economy is doing well and faces no serious obstacles in the short term, with the labor market looking pretty strong, Fed Chair Janet Yellen said at a town hall meeting in Washington, D.C. last night.

For the superstitious on Wall Street, today is Friday the 13th and historically such days have been weaker than typical Fridays. LPL Financial crunched the numbers, but also found Friday the 13th sessions were higher 57 percent of the time.


Anadarko Petroleum (APC) is selling Eagleford Shale oil and gas assets in Texas to Sanchez Energy (SN) and Blackstone Group (BX) for $2.3 billion.

WPX Energy (WPX) has agreed to buy assets in the Permian basin in Texas for $775 million, with the oil and gas producer saying it would partly fund the purchase through an equity sale.

Alphabet (GOOGL) confirmed it's shutting down its Titan project, an effort to provide internet service from drones. The Google parent ended the initiative early last year, but only just acknowledged the move.

Boeing (BA) received a 100-jet order from India-based budget airline SpiceJet. The carrier is buying Boeing's MAX 737 jet, with the deal including an option for 50 more.

MetLife (MET) and Unum (UNM) both received approval from Florida regulators to phase in long-term care insurance premium increases over a three-year period.


Millennials are falling behind their boomer parents, earning 20 percent less at the same state of life despite being better educated, a new analysts of Fed data showed. (AP)

The robots are coming, but automation won't displace jobs as quickly as some alarming forecasts suggest, according to a new study. McKinsey researchers sees technological advances as only one factor. (NY Times)

In celebration of the U.S. Mint and Treasury's 225th anniversary, a new $100 coin features Lady Liberty as a black woman. Until the new design, Lady Liberty had always been depicted as a white woman. (NBC News)