Stock futures flat on Wall Street, awaiting bank earnings

Stock futures hovered near unchanged territory on Friday as traders awaited the release of corporate earnings from major U.S. banks.

Dow Jones Industrial Average futures edged up by 33 points, or 0.09%. S&P 500 futures and Nasdaq 100 futures showed little movement.

This follows a strong rebound for the S&P 500 and the Nasdaq Composite as tech shares spearheaded a recovery from Wednesday’s inflation-driven sell-off. Nasdaq surged 1.68% to a record close on Thursday, while the S&P 500 rose 0.74%. The Dow slipped marginally by 0.01%, marking its fourth consecutive day of losses.

Apple surged 4.3% on Thursday after reports surfaced regarding the company’s plans to revamp its Mac products with new AI-focused chips, marking its best performance since May 2023. Nvidia also gained 4.1%, and Amazon hit an all-time high before finishing 1.7% higher.

Thomas Martin, senior portfolio manager at Globalt Investments, emphasized the importance of AI in driving stock performance, noting the divergence between the Nasdaq and the Dow. He highlighted the need for sustainable growth driven by AI.

The tech-driven rally on Thursday helped mitigate the S&P 500′s weekly losses, which now stand at 0.1%. The Nasdaq is poised to end the week 1.2% higher, while the Dow lags behind with a 1.1% decline.

The first-quarter earnings season begins in earnest on Friday, with major U.S. financial institutions such as JPMorgan Chase, Wells Fargo, Citigroup, BlackRock, and State Street set to report earnings before the opening bell.

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