U.S. stock index futures were slipping lower Tuesday morning as investors weigh geopolitical risk abroad against third quarter earnings reports and a fresh look at the state of the American consumer who is still spending and worrying Wall Street about more interest rate hikes.
Results from JPMorgan Chase JPM, -0.10%, Citigroup C, -1.16% and Wells Fargo WFC, +1.68% were mostly well-received by traders on Friday. Now it’s the turn of their bold-faced peers, including Goldman Sachs GS, +1.65% and Bank of America BAC, +0.86% and BNY Mellon BK, +1.60% to release numbers. All three produced results beating Wall Street consensus.
About 10% of the S&P 500 is due to report this week, and the majority of those who have already done so have beaten expectations on both earnings and revenues, according to Richard Hunter, head of markets at Interactive Investor. “The recent risk-off sentiment that had cast a shadow over the markets seems to be easing, partly due to extensive shuttle diplomacy by the White House and other regional actors,” said Stephen Innes, managing partner at SPI asset Management.
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