Futures steady, Nasdaq higher as markets await bank earnings

- Dow and S&P 500 futures remained steady on Wednesday, while Nasdaq 100 futures rose slightly following a tech and oil stock selloff in the previous session, as investors awaited quarterly results from Morgan Stanley and other banks.

At 5:15 a.m. ET, Dow E-minis were down 30 points, or 0.07%, U.S. S&P 500 E-minis were up 2.75 points, or 0.05%, and Nasdaq 100 E-minis were up 37.25 points, or 0.18%. Indexes were trading around record high levels despite Tuesday's fall, with continued optimism about future rate cuts from the Federal Reserve as well as economic growth buoying sentiment.

"Providing that banks prove a reliable barometer for earnings season more broadly, solid earnings growth, coupled with resilient economic growth, should continue to power the market higher," Brown said.Bets on a 25-basis-point rate cut at the Federal Reserve's November meeting have risen above 90%, according to CME's FedWatch.Shares of rate-sensitive megacap tech stocks edged higher in premarket trading, helped by easing U.S. Treasury yields. Apple gained 0.

PROVIDENCE, R.I., October 16, 2024--Citizens Financial Group, Inc. today reported third quarter 2024 financial results. The earnings press release, investor presentation, and financial supplement are available at http://investor.citizensbank.com. In addition, these materials will be furnished to the Securities and Exchange Commission on a Form 8-K and will be available on the SEC website at www.sec.gov.

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