Goldman's results, U.S. retail sales, County Garden - what's moving markets
Investing.com --Goldman Sachs releases its latest quarterly results in difficult circumstances, while retail sales will provide clues of the health of the U.S. consumer. County Garden nears debt default, while oil markets look to Venezuela for potential supply.
The quarterly corporate earnings store kicks into top gear this week, and influential investment bank Goldman Sachs (NYSE:GS) is in the firing line before the U.S. open later Tuesday.
A number of Goldman’s peers – JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) – reported quarterly profits on Friday that outstripped analysts' estimates boosted by higher interest rates.
However, Goldman looks likely to disappoint as deal-making lags and the bank retreats from a loss-making consumer business.
The bank wrote down $485 million on its commercial real estate assets in the second quarter, and something similar looks likely this time around. Provisions for losses on credit cards will also hit profits.
The lender is expected to report third-quarter earnings per share of $5.31, according to average estimates compiled by LSEG, which would reflect a 36% decline from its EPS of $8.25 a year earlier.
U.S. stock futures traded marginally lower Tuesday, consolidating after the previous session's gains as investors looked forward to a busy week for quarterly corporate earnings.
At 05:00 ET (09:00 GMT), the Dow futures contract dropped 90 points or 0.3%, S&P 500 futures fell 12 points or 0.3%, and Nasdaq 100 futures slipped 40 points or 0.3%.
The major indices posted strong gains on Monday, with the broad-based S&P 500 index gaining over 1%, as confidence was boosted by a positive start to the third quarter earnings season.
The financial sector will
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