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Stock futures are flat ahead of major bank earnings

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The U.S. stock market was little affected by overnight trading Thursday. Earnings from major banks will be on Friday.

The Dow Jones Industrial Average indexed futures contract advanced 29 points. S&P 500 futures were up 0.08%, while Nasdaq 100 futures rose 0.12%.

All the important averages slid during regular trading on Thursday. The Dow and S&P 500 fell 0.48% and 1.42%, respectively, registering the first down day in three. The 30-stock benchmark was up over 200 points at one time.

Nasdaq Composite suffered the most, dropping 2.51%. It also lost a streak of three consecutive wins as tech stocks were under threat. Nvidia dropped 5% while Microsoft fell more than 4%. Apple, Amazon Meta, Netflix, Alphabet, and Meta all closed lower.

Investors have rotated out of growth and into value stocks amid rising rate fears, which makes future profits — including from growth companies — look less attractive.

Oanda senior market analyst Ed Moya said that big tech stocks have been selling so quickly because ‘yes, US rates are expected to rise further this year’, but also because investors are shifting into value and cyclical tradings. Wall Street wants to know how slow growth is, and banks will provide insight starting Friday,” he said.

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Although companies have begun posting quarterly updates now, reporting season kicks off Friday with JPMorgan Citigroup, Wells Fargo and Citigroup releasing their full reports. release resultsThe market will not open until then

Friday will see a variety of economic data, including the December retail sales figures. According to Dow Jones estimates, economists expect the print to decline by 0.1%. The November sales increased by 0.3%, which was slower than 0.9% that economists expected.

Also, industrial production figures will be released. The Street anticipates an increase of 0.2%. Later Friday, consumer sentiment numbers will be available.

These reports were made as investors monitor the inflation data closely. These reports are available at: producer price indexThe Labor Department reported Thursday that December’s month-over-month increase was 0.2%, which is lower than 0.4% analysts expected. This report came after Wednesday’s reading of the consumer price index, which rose 0.2% month over month. 7% year over yearFor the fastest annual rate since 1982, December is the best month.

Brent Schutte is chief investment strategist for Northwestern Mutual Wealth Management Company. He stated that economic growth will be strong while fears over inflation and the Fed would cool to a simmer. He said, “Supply chains will catch up with the labor market and this will effectively kill two birds with one stone.”

The major averages now lie in negative territory after Thursday’s lower move. The Dow and S&P are on track for their second straight negative week, while the Nasdaq is on track for a third week of losses.

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