Stock Futures Rise After China GDP, Mild PPI
NEW YORK (TheStreet) -- U.S. stock futures were pointing higher Friday, but paring gains, as investors weighed in-line China gross domestic product growth against mixed bank earnings reports.
A read on inflation came in better than expected as U.S. producer prices rose just 0.1% month-over-month.
Futures for the Dow Jones Industrial Average were rising 40 points, or 32.73 points above fair value, at 12,542. Futures for the S&P 500 were up by 4 points, or 3.49 points above fair value, at 1333. Futures for the Nasdaq 100 were up 10 points, or 8.3 points above fair value, at 2548.
JPMorgan Chase(JPM) reported second-quarter earnings of $1.21 a share on revenue of $22.9 billion, topping the average expectation of earnings of 70 cents a share on revenue of $21.8 billion, according to a poll of analysts by Thomson Reuters.
Second-quarter results included $4.4 billion pretax loss, or 69 cents a share, from trading losses at the firm's Chief Investment Office and a $1 billion pretax benefit, or 16 cents a share from securities gains in the CIO's investment securities portfolio.
But JPMorgan said ahead of its earnings release that it's restating its first-quarter earnings lower to reflect the impact of attempts to mask the extent of losses suffered by its Chief Investment Office at that time
Shares were up 0.97% in premarket trading.
Shares of Wells Fargo(WFC) were ticking down 0.12% after the U.S. bank and top mortgage lender reported second quarter earnings of 82 cents a share and a decline in revenue by 1.3% from the prior quarter to $21.3 billion. On average, analysts were expecting earnings of 81 cents a share on revenue of $21.35 billion.
In global economic news, China's National Bureau of Statistics said Friday that the country's economic growth fell to 7.6% in the second quarter year-over-year, the slowest rate of growth since the first quarter of 2009 and marking the sixth straight quarter of declines, which was as expected. Capital spending and domestic consumption helped promote growth but exports weighed down the overall figure.