Stock futures pointed to moderate losses for Wall Street on Thursday, as investors waited to see if Bank of America Corp. and Wells Fargo & Co. can keep up the positive momentum for bank earnings.
On Wednesday, the Dow industrials scored the biggest one-day gain in nearly a month. That rise was led by gains for J.P. Morgan Chase & Co.(JPM) , after the bank posted better-than-expected results. Other financials followed suit.
But whether investors see markets add to those advances may depend on how the next crop of big names performs, with Bank of America(BAC) among those reporting ahead of the open.
"The market loves a weak Fed and a weak U.S. dollar, but hates weak bank performance, low growth and political noise," said Steen Jakobsen, chief economist at Saxo Bank, in emailed comments. For Jakobsen, that means the pros and cons for stocks are balanced right now, with a slight risk to the downside.