US Markets

Wall Street seen higher as investors digest bank earnings, data

Key Points
  • Citigroup, JPMorgan Chase and Wells Fargo reported Friday as earnings season kicks off.
  • Trump in Paris visiting French President Emmanuel Macron for Bastille Day.
  • Markets in Asia rose for the fifth straight session.
Markets set to conclude another winning week

U.S. stock index futures pointed to a higher open on Friday as traders digested corporate earnings and key economic data.

Dow futures traded 7 points lower, while S&P and Nasdaq futures rose 0.5 points and rose 11 points, respectively.

PNC Financial Services earnings also topped analysts' expectations. Wells Fargo, meanwhile, posted mixed results, with sales disappointing and earnings beating estimates.

JPMorgan Chase and Citigroup posted better-than-expected results, but also posted a decline in trading revenue.

In economic news, retail sales dropped 0.2 percent last month. Economists polled by Reuters expected an increase of 0.1 percent. The Consumer Price Index, meanwhile, remained unchanged in June; economists expected a 0.2 percent increase.

Investorsalso looked to Paris where President Donald Trump visited French President Emmanuel Macron for Bastille Day celebrations.

In a joint news conference in Paris Thursday, Trump indicated that "something could happen" to alter his decision to pull the U.S. out of the Paris climate accord. The comments come as U.S. senior Democrat Nancy Pelosi called on Thursday for an independent body to investigate what she described as "cold, hard evidence" that the Trump family played a role alongside Russia in influencing last year's presidential election.

Trump has separately suggested that he would host Russian President Vladimir Putin at the White House — though he said now would not be an appropriate time.

In Europe, the pan-European index was around 0.1 percent higher on Friday. In Asia, equities rose for the fifth straight session following the Fed's dovish comments to Congress. The Shanghai Composite in China closed 0.13 percent higher, while the Nikkei in Japan closed 0.09 percent higher.

In oil markets, Brent crude traded at around $48.95 a barrel on Friday, up 1.09 percent, while U.S. crude was around $46.63 a barrel, up 1.19 percent.