Here are the most important news investors need to start their trading day:
1. Packaging
Stock futures fell on Friday ahead of the week’s final trading session. However, all the major indices are still heading for weekly gains, despite what has seemed like near-daily stagnation since the start of 2024. The Dow Jones Industrial Average is up 0.65% so far this week. S&P 500 increased by 1.77% and Nasdaq Composite is by more than 3%. Follow live market updates.
2. Calling reserves
A sign outside a Chase Bank branch in San Francisco, California on Monday, July 12, 2021.
David Paul Morris | Bloomberg | Getty Images
It’s the big morning of bank earnings, p JPMorgan Chase, American bank, Citigroup and Wells Fargo all issuing quarterly reports. US banks are going through a period of high interest rates combined with rising loan losses. They are also looking down aggressive upcoming capital requirements. Both JPMorgan, the largest U.S. bank by assets, and Bank of America reported a drop in profit last quarter due to regulatory charges linked to the regional banking crisis.
3. Onward and upward
Patrons shop for cuts of meat at the Shop Fair Market on Tuesday, December 26, 2023, in the Brooklyn borough of Brooklyn, New York, US.
Victor J. Blue | Bloomberg | Getty Images
Don’t get too complacent: CPI was on the rise again last month. The consumer price index – a measure of what consumers pay for a set basket of goods and a key indicator of inflation – rose 3.4% year-on-year in December, reversing two months of declines. The index rose by 3.1% in November and by 3.2% in October. But on Friday, a related inflation measure, the producer price index, unexpectedly fell in a positive sign for the economy.
4. Tech crunch
An illuminated Google logo is seen inside an office building in Zurich, Switzerland.
Arnd Wiegmann | Reuters
Google is cutting several hundred jobs in its hardware, central engineering and voice-activated Google Assistant teams. It’s the latest layoff in the tech sector, after Amazon announced layoffs at its Prime Video, MGM Studios, Twitch and Audible units earlier this week. Messaging platform Discord announced on Thursday that it will also be cutting staff. All three companies have emphasized the need to be more efficient, with Google and Amazon saying they will reduce investment in some areas to better align with product “initiatives” and “priorities.”
5. Have a good trip
Delta Air Lines aircraft at Hartsfield-Jackson Atlanta International Airport.
Jeff Greenberg | Universal Images Group | Getty Images
Delta Air Lines more than doubled its fourth-quarter profit as demand for travel, especially international travel, remains strong. The carrier on Friday reported December results that beat Wall Street expectations, but cut its 2024 profit forecast from previous estimates. CEO Ed Bastian told CNBC’s Leslie Josephs, “Business is great,” but noted that the industry still faces some supply chain challenges: “It’s taking longer to repair airplanes and it’s taking longer to get them back into service.”
– CNBC’s Alex Harring, Hugh Son, Jeff Cox, Ashley Capoot, Annie Palmer, Jonathan Vanian and Leslie Josephs contributed to this report.
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