U.S. stock futures edged up in early morning trading on Wednesday as investors digested the first batch of corporate earnings.
Futures for the Dow Jones Industrials recovered 16 points, or 0.1%, to 33,586.
Futures for the S&P 500 added 5.75 points, or 0.1%, to 4,138.50.
Futures for the NASDAQ Composite index picked up 46.25 points, or 0.3%, to 14,022.
Shares of Goldman Sachs climbed 1.7% in pre-market trading after the bank blew past analysts’ expectations with record first-quarter net profits and revenues on strong performance from the firm’s equities traders and investment bankers.
JPMorgan Chase, the first major bank to report first-quarter earnings, beat analysts’ estimates on top and bottom lines, helped by a $5.2 billion benefit from releasing money it had previously set aside for loan losses that didn’t develop. Shares of JPMorgan dipped 0.8% in pre-market trading.
After the bell on Tuesday, Pfizer CEO Albert Bourla said the drugmaker can deliver 10% more vaccine doses to the U.S. by the end of May than previously expected. Plus, Moderna said its COVID-19 vaccine was more than 90% effective at protecting against the virus six months after
Investors are gearing up for the first wave of corporate earnings on Wednesday when JPMorgan, Goldman Sachs and Wells Fargo report before the bell. Bank stocks have risen sharply so far this year, with the KBW Bank Index easily outpacing the S&P 500.
Analysts are expecting strong investment banking result. Plus, loan reserve releases could spark high earnings numbers.
Market participants will also be watching for the Coinbase direct listing on Wednesday. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators. The price of bitcoin surged to a fresh record high of more than $63,500 on Tuesday.
Federal Reserve Chair Jerome Powell will discuss the economic recovery from the pandemic at noon on Wednesday at The Economic Club of Washington.
Overseas, in Japan, the Nikkei 225 gave back 0.4% Wednesday, while in Hong Kong, the Hang Seng index raced ahead 1.4%.
Oil prices gained $1.02 to $61.20 U.S. a barrel.
Gold prices ditched $2.50 to $1,745.10 U.S.