Futures rise as investors assess big bank earnings
U.S. stock futures rose and pointed to a positive open for Wall Street on Friday as investors digested fourth-quarter earnings reports from big U.S. lenders.
JPMorgan Chase & Co rose 1 percent in choppy premarket trading after the biggest U.S. bank by assets reported profit that beat estimates, benefiting from higher interest rates and loan growth.
Regional lender PNC Financial Services' quarterly profit doubled, driven by a $911 million one-time benefit related to the new tax law. Its shares rose more than 1 percent.
While tax-related costs are expected to weigh on banks' earnings, they are expected to benefit in the long run from lower tax burden.
Earnings for S&P 500 companies are expected to increase on an average by 11.8 percent in the quarter with profit for financial services companies growing as much, according to Thomson Reuters I/B/E/S.
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