Wall Street poised to remain risk-off

Stock futures on Wall Street traded lower on Friday

  
A trader reacts as he watches screens on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018.

A trader reacts as he watches screens on the floor of the New York Stock Exchange in New York, U.S., February 5, 2018.

REUTERS/Brendan McDermid

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

WALL STREET POISED TO REMAIN RISK-OFF (0915 EST/1415 GMT)

Stock futures on Wall Street traded lower on Friday after U.S. retail sales dropped in December instead of staying flat and banking results at the start of earnings seasons failed to provide a reason for budging the risk-off sentiment.

Retail sales fell 1.9% after rising 0.2% in November, the Commerce Department said, while economists polled by Reuters had forecast retail sales unchanged.

Shares of JPMorgan Chase & Co slid after it posted a 14% decline in fourth-quartre earnings due to a slowdown in the company's trading arm. But results sailed past analysts' estimates on stellar results from its investment banking unit. 

Citigroupalso slid after the the bank reported a 26% drop in quarterly profit. But the company exceeded market expectations as strong gains in its investment banking business cushioned the blow from higher expenses.

But shares of Wells Fargo & Co gained in pre-market trade after posting a greater-than-expected rise in fourth-quarter profit. 

Futures for the Dow Industrials, S&P 500 and the Nasdaq were all down about 0.8% prior to the opening bell.

Here's a snapshot the market:

(Herbert Lash)

*****


More From Equities