Stock Futures Fall Amid Bank Results, Dimmer World Bank Outlook
NEW YORK (TheStreet) -- Stock futures were pointing to a mostly lower open on Wall Street Wednesday after JPMorgan Chase(JPM) posted quarterly profit that topped estimates and the World Bank cut its 2013 global growth outlook.
Goldman Sachs(GS) beat fourth-quarter estimates.
The World Bank predicted that worldwide gross domestic product will rise 2.4% from 2.3% last year, down from its prior prediction of 3% growth for 2013, citing downside risks including the stalling of progress made on resolving the eurozone crisis, the ongoing battles over the U.S. budget, the possibility of a sharp slowing of investment in China, and a disruption in global oil supplies.
Futures for the Dow Jones Industrial Average were falling 50 points, or 55.89 points below fair value, at 13,413. Futures for the S&P 500 were down 2.50 points, or 4.19 points below fair value, at 1462. Futures for the Nasdaq were up 1.25 points, or 1.08 points below fair value, at 2715.
Apple(AAPL) shares gained more than 1% in premarket trading. The stock tumbled sharply during Tuesday's regular session.
JPMorgan posted fourth-quarter earnings of $1.39 a share, beating the average analyst estimate of $1.16 a share, on in-line net revenue of $24.4 billion. CEO Jamie Dimon said he's been seeing an ongoing improvement in credit quality. Shares were falling 1% in premarket trading.
Goldman Sachs reported better-than-expected earnings of $2.89 billion on revenue of $9.24 billion, beating adjusted estimates of $1.78 billion and $7.83 billion respectively. Per-share profit was $5.60 a share. Shares were popping 2.5%.
Bank of New York Mellon(BK) posted in-line fourth-quarter earnings of 53 cents a share on revenue of $3.6 billion as investment management fees rose 16% year-over-year to $801 million. Shares were sliding 2.5%.