Futures rise as JPMorgan kicks off earnings season on strong note

By Shreyashi Sanyal and Sruthi Shankar

April 12 () - U.S. stock index futures rose on Friday after JPMorgan kicked off first-quarter earnings season on a strong note, while signs of stabilization in China's economy helped ease global growth concerns.

JPMorgan Chase & Co rose 2.5% after the largest U.S. bank by assets topped quarterly earnings expectations, helped by higher interest income and gains in the bank's advisory and debt underwriting business.

S&P 500 companies are expected to post their first profit contraction since 2016 in the first quarter, with analysts projecting a 2.5 percent drop in earnings. Also, S&P 500 banks are expected to post earnings growth of 1.8%, down from an 8.2% rise estimated six months ago, according to Refinitiv data.

The S&P banks index has risen 12.8% this year, compared with a 15.2% gain for the S&P 500.

Data from China showed exports rebounded in March but imports shrank for a fourth straight month and at a sharper pace. The data, which eased concerns about a slowdown in world's second largest economy, and a jump in oil prices offered support to global equities. O/R

Grabbing the spotlight in the energy sector was Chevron Corp's$33 billion offer to buy smaller rival Anadarko Petroleum Corp . Shares of Anadarko jumped 30.3%, while Chevron fell 4%.

At 7:14 a.m. ET, Dow e-minis were up 183 points, or 0.7%. S&P 500 e-minis were up 15.5 points, or 0.54% and Nasdaq 100 e-minis were up 35.75 points, or 0.47%.

The S&P 500 index is now less than 2% away from its all-time high hit in September, helped by the Federal Reserve's patient stance on raising interest rates and signs of progress in the U.S.-China trade talks.

Investors are hoping that a trade deal with China and a better-than-feared quarterly earnings season will help push Wall Street above its September high.

Walt Disney Co gained 3.2% after the company priced it highly anticipated streaming service in a bid to challenge the digital dominance of Netflix Inc . Netflix shares were down 0.7%.

New York-listed shares of Fiat Chrysler rose 3.1% after its chairman provided an upbeat outlook for the full year.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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