Stock index futures tumbled Friday as investors digested the news of JPMorgan Chase’s $2 billion trading loss as a result of a failed hedging strategy.
JPMorgan said it suffered a trading loss of at
JPMorgan’strading loss dragged on the entire banking sector, pulling shares of Citigroup and Bank of America lower in pre-market trading. At least four brokerages slashed their price target on JPMorgan, while FBR and Stifel cut their rating on the firm to "market perform" from "outperform" and "hold" from "buy," respectively.
On the economic front, producer prices posted a
In addition, the Thomson Reuters/University of Michigan's May preliminary reading of consumer sentiment will be reported at 9:55am ET. Economists expect a reading of 76.2 compared with 76.4 in the final April report, according to a Reuters survey.