U.S. stock index futures were little changed on Tuesday as the corporate earnings season kicked off with J.P. Morgan Chase posting stronger-than-forecast quarterly results.
Around 7:10 a.m. ET, Dow Jones Industrial Average futures pointed to a gain of just 8 points. Futures on the S&P 500 and Nasdaq 100 also indicated a flat open.
J.P. Morgan Chase posted quarterly earnings and revenue that beat analyst expectations, sending the stock up more than 1.5% in the premarket. The bank's annual profits also reached record levels at $36.4 billion. J.P. Morgan also had a surge in bond-trading revenues during the fourth quarter. Citigroup and Wells Fargo are due to report quarterly numbers later in the morning.
Expectations for the corporate earnings season were low. S&P 500 profits were forecast to fall 2% in the fourth quarter on a year-over-year basis, according to FactSet.
Wall Street came into Tuesday's session after posting solid gains on Monday that led the S&P 500 and Nasdaq to record levels. Sentiment got a boost from optimism around U.S.-China trade relations.
The U.S. said it will remove China from a list of currency manipulating countries. The announcement came just a few days before the two largest world economies are due to sign a "phase one" trade deal in Washington, D.C.
Ahead of the signing, the South China Morning Post reported that the trade war is "not over yet" and that Wednesday's ceremony will be more like the "first round of a game."
On the data calendar, the National Federation of Independent Business will release its latest small business survey at 6 a.m. ET, followed by new U.S. inflation figures at 8:30 a.m. ET.
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January 14, 2020 at 01:32PM
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Stock futures are little changed. JP Morgan shares jump after reporting record annual profit - CNBC
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