Dow Futures Slip Ahead of Major Bank Earnings

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By Oliver Gray

Investing.com – U.S stock futures traded lower during Wednesday’s evening deals, following a negative close for major benchmark indices after a hotter than expected CPI print, with inflation surging to fresh 41-year highs, while investors look ahead to earnings reports from major financial companies.

By 7:00pm ET (11:00pm GMT) Dow Jones Futures were down 0.4% while S&P 500 Futures and Nasdaq 100 Futures fell 0.5% apiece.

Ahead in Thursday’s session, market participants will be monitoring fresh earnings reports from JPMorgan Chase&Co (NYSE:JPM) and Morgan Stanley (NYSE:MS), while weekly initial jobless claims and PPI data will also be closely watched.

During Wednesday’s session, the Dow Jones Industrial Average fell 208.5 points or 0.7% to 30,772.8, the S&P 500 fell 17 points or 0.5% to 3,801.8 and the NASDAQ Composite lost 17.2 points or 0.2% to 11,247.6 as June’s inflation data came in at 9.1%, beating expectations of 8.8% and increasing the likelihood that the Federal Reserve will raise interest rates more aggressively over the coming months.

Delta Air Lines Inc (NYSE:DAL) fell 4.5% after posting Q2 EPS of $1.44 versus $1.65 expected, while revenues came in at $12.31 billion versus $12.23 billion expected.

Meanwhile, technology companies were mixed with Amazon.com Inc (NASDAQ:AMZN) up 1.1%, Microsoft Corporation (NASDAQ:MSFT) down 0.4%, Twitter Inc (NYSE:TWTR) gaining 7.9% and Tesla Inc (NASDAQ:TSLA) adding 1.7%.

On the bond markets, United States 10-Year yields were at 2.935%.

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