Trump acts on health care; Bank earnings; Retail sales

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Source:   —  October 13, 2017, at 5:04 AM

one. Bank bonanza: Earnings season is presently in full swing, with investors hearing from three large American banks on Friday.

Trump acts on health care; Bank earnings; Retail sales

one. Bank bonanza: Earnings season is presently in full swing, with investors hearing from three large American banks on Friday.

Bank of America (BAC), PNC (PNC) and Wells Fargo (WFC) are all set to publish their quarterly results before the open.

Wells Fargo is expected to report healthy profits, but CEO Tim Sloan is likely to face tough questions about the bank'south account fraud scandal. The controversy has spooked investors: while its competitors' shares have posted double digits gains this year, Wells Fargo has remained flat.

It'south a different legend at Bank of America, where shares topped $26 latest week for the first time since the financial crisis.

On Thursday, JPMorgan Chase (JPM) and Citigroup (C) both beat analyst expectations for their earnings.

two. Trump acts on health care: President Trump has taken a first step towards dismantling Obamacare by signing an executive order.

The order broadly tasks the administration with developing policies to expand health care contest and choice in order to make better the quality of health care and lower prices.

However, it could also destabilize Obamacare by siphoning out younger and healthier Americans from health care exchanges.

three. Data flow: The U. south. Census Bureau will release its retail sales report for Sept at 8:30 a. m. ET.

More data on how Americans are feeling will arrive at 10:00 a. m., when the Univ of MI releases its preliminary Oct consumer sentiment report.

The U. S. Bureau of Work Statistics will release its latest inflation data at 8:30 a. m.

four. Global market overview: U. S. stock futures were flat.

European markets opened mixed, while Asian markets ended the session mostly higher.

U. S. stocks backed far from record highs on Thursday. The Dow Jones industrial average shed 0.1%, while the S&P five hundred and the Nasdaq dropped by 0.2%.

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five. Company news: Shares in twenty-first Cent Fox (FOX) were poised to drop at the open after a shareholder grouping called for an overhaul of the company'south board following recent sexual and racial harassment scandals at Fox News.

Samsung (SSNLF) expects its profits in the quarter ended Sept to leap by almost three hundred percent over the same period in two thousand-sixteenth. The improvement was driven by powerful sales from Samsung'south semiconductor business, which supplies memory chips for rival phone makers including Apple (AAPL, Tech30).

The S Korean firm also announced the resignation of Kwon Oh-hyun, the co-CEO of Samsung Electronics.

Download CNN MoneyStream for up-to-the-minute market data and news

six. Coming this week:

Friday -- Bank of America earnings; Wells Fargo earnings

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