Stocks: Can banks stop the bleeding?

Diposkan oleh silent aja 5:20 PM Post a Comment

CNN

NEW YORK (CNNMoney) -

Markets may be due a rebound Friday after Thursday's blood-letting but much will depend on whether bank earnings can deliver a positive surprise.

Investors are awaiting the first earnings reports from big banks this quarter. JPMorgan Chase and Wells Fargo will report before the opening bell. Analysts are expecting less than stellar results.

U.S. stock futures were volatile, giving up early modest gains to trade flat to slightly weaker across the main indexes.

In economic news, the U.S. government will publish the monthly producer price index at 8:30 a.m. ET and the Michigan Consumer Sentiment Index will come out at 9:55 a.m. ET.

Shares of H&R Block rose in extended trading after the company said it will sell its bank to Bofl Federal Bank. Shares of retailer GAP slid in after-hours when the company said sales fell in March.

U.S. stocks took a beating Thursday. The Nasdaq took the hardest hit, closing down 3.1%. The Dow finished down 1.6%, and had its third biggest point loss of the year. The S&P 500 slid 2%.

A tech rout that started in the U.S. continued in Asia, with Tencent plunging 6.8%. Samsung fell, as did leading Japanese tech brands. The Nikkei index plunged 2.38%, taking its loss for the week to 7.3%.

European markets were also caught up in the fallout from Wall Street's slump. Germany's DAX led the way lower with a loss of 1.46%.