1. Futures higher after Wall Street ends four-session winning streak
U.S. stock futures pointed to a higher open Wednesday, one day after the first down session in the past five for the Dow Jones Industrial Average, S&P 500 and Nasdaq, as investors digest more bank earnings and keep watch for any coronavirus stimulus developments out of Washington. Gains on Wednesday would avoid back-to-back losses for the major stock benchmarks, something that has not happened in more than three weeks. Despite Tuesday’s slide, the October gains for the Dow, S&P 500 and Nasdaq are still larger than the losses they experienced in September.
2. Goldman beats on earnings while BofA and Wells Fargo disappoint
Dow-30 stock Goldman Sachs rose in Wednesday’s premarket trading after the Wall Street firm posted third-quarter earnings and revenue that best estimates. Per-share profit of $9.68 far exceeded analyst expectations of $5.57. Quarterly revenue came in at $10.78 billion.
Bank of America shares fell in the premarket after the lender posted third-quarter results that missed on revenue. The firm said it generated $20.45 billion in total revenue. Profit in the quarter slumped 16% to $4.9 billion, or 51 cents a share, edging out the 49 cent estimate.
Shares of Wells Fargo dropped in the premarket after the bank also reported disappointing earnings for the third quarter as low rates put pressure on net interest income. Wells Fargo earned 42 cents per share on better-than-expected Q3 revenue of $18.86 billion.
3. Walmart spreading out Black Friday sales