JOHANNES EISELE/AFP/Getty Images
U.S. stock futures traded mixed on Wednesday, as investors absorbed fresh results from big Wall Street banks as earnings season got underway.
Investors are also awaiting a highly anticipated debut of cryptocurrency exchange Coinbase.
Futures on the
were flat, along with
futures, while Nasdaq-100 futures rose. Investors shook off Tuesday’s higher consumer inflation numbers and concerns over Johnson & Johnson’s Covid-19 vaccine to send the
to a record, while a late-afternoon rally sent the
1.1% higher.
The Centers for Disease Control and Prevention’s Advisory Committee on Immunization Practices is scheduled to hold an emergency meeting on Wednesday. That was in response to a request by regulators to temporarily halt
Covid-19 vaccine shots, after six people who received the J&J shot were diagnosed with severe blood clots.
Investors were getting a chance to assess banks and perhaps get a glimpse into the economy as results rolled out from
and
with
still to come.
READ MORE
JPMorgan and
each reported earnings and revenue ahead of expectations and above last -year’s pandemic-strained levels. Shares of JPMorgan slipped in premarket , while Goldman’s inched up.
On the economic front, import prices for March are due, while several Federal Reserve officials are scheduled to speak, including Chair
Jerome Powell
at noon Eastern. The Fed’s Beige Book of economic conditions is due later.
And the price of Bitcoin hit a fresh record above $64,000 on Wednesday as investors awaited Coinbase’s debut on the Nasdaq. The largest U.S. cryptocurrency exchange will list under the ticker COIN. The Nasdaq gave a reference price for Coinbase late on Tuesday of $250, which means the company’s market capitalization could be as much as $65.3 billion.
Prices for U.S. crude and global benchmark Brent also climbed after the International Energy Agency lifted its annual forecast for global oil demand in 2021 in its monthly report, saying the energy industry is well on its way to recovery from the pandemic.
European stocks saw mild gains, but the French CAC 40 was up about 0.4% as
LVMH Moët Hennessy Louis Vuitton
shares surged in Paris on strong results. In the first quarter since the integration of U.S. jeweler Tiffany,
LVMH Moët Hennessy Louis Vuitton’s
watches and jewelry unit saw organic revenue growth of 35% year over year, while core fashion saw growth of 52%.
The
climbed 1.4%, but the
fell 0.4%. Shares of
surged nearly 6% after the Japanese technology and manufacturing conglomerate’s president
Nobuaki Kurumatani
resigned. The company said a week ago it was considering a merger with a global fund where he previously worked.
Write to editors@barrons.com
