Bank earnings ahead, demand for spot Bitcoin ETFs soars - what's moving markets

investing.com:

Investing.com -- JPMorgan and Bank of America are among a slew of major U.S. banks set to report their quarterly earnings on Friday. Markets will likely be keeping tabs on how the companies are bearing the weight of higher interest rates and expenses related to the collapse of regional banks last year. Elsewhere, demand for spot Bitcoin exchange-traded funds soars in the first trading day after the U.S. Securities and Exchange Commission approved them in a landmark decision.

1. Futures mixed

U.S. stock futures hovered around both sides of the flatline on Friday, with investors looking ahead to a crush of results from major Wall Street banks that typically signal the start of the quarterly earnings season.

By 05:19 ET (10:19 GMT), the Dow futures contract had gained 51 points or 0.1%, S&P 500 futures were mostly unchanged, and Nasdaq 100 futures had slipped by 35 points or 0.2%.

The main averages ended in a mixed fashion in the prior session, as traders reacted to official data showing that headline U.S. inflation accelerated in December. Meanwhile, the so-called «core» reading, which strips out volatile items like food and energy, slowed marginally.

Following the release of the numbers, Cleveland Fed President Loretta Mester told Bloomberg Television that there was «more work» needed to cool price pressures before the central bank can begin to contemplate lowering interest rates from more than two-decade highs. However, she added that the figures do not indicate that an easing in inflation is stalling.

Policymakers recently unveiled a dovish outlook for 2024, fueling a rally in stock and bonds late last year, although this momentum has waned after comments from several Fed members poured cold water on hopes for an