Earnings wave, Novartis guidance, ARK's Twitter stake - what's moving markets
Investing.com — Investors look ahead to a busy week of earnings, including quarterly results from some of the largest U.S. banks. Meanwhile, drug-making giant Novartis improves its guidance as it eyes a spin-off of its Sandoz generics division later this year, and Cathie Wood says her ARK investment management firm has written down its stake in Twitter.
1. Bank of America, Morgan Stanley on deck
Corporate earnings Tuesday will include a fresh batch of U.S. banks, with investors keen to see how they have fared since the turmoil in regional lenders hit the financial services sector earlier this year.
Bank of America (NYSE:BAC) and Morgan Stanley (NYSE:MS) are set to report their latest results before the start of U.S. trading, as well as smaller players Bank of New York Mellon (NYSE:BK) and PNC Financial (NYSE:PNC).
Last week, higher interest rates helped underpin improved targets for net interest income – the difference between what a bank makes from loans and pays for deposits – at larger peers JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C). Second quarter net income also jumped at JPMorgan and Wells Fargo, although a dearth of dealmaking weighed on profit at Citigroup.
2. U.S. futures mixed
U.S. stock futures were largely mixed on Tuesday as traders awaited the next round of earnings.
At 04:45 ET (08:45 GMT), the Dow futures contract gained 22 points or 0.06%, S&P 500 futures edged up by 1 point or 0.02%, and Nasdaq 100 futures lost 6 points or 0.04%.
The main indices closed in the green in the prior session, boosted in part by a stronger-than-anticipated reading from the Federal Reserve Bank of New York's manufacturing index that hinted at resilient business activity in the face of elevated
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