Here are the key events taking place on Friday that could impact trading.
The release of earnings from the big banks continues Friday morning.
CITIGROUP: is expected to report an increase in revenue, but a lower profit than a year ago. The Refinitiv estimate is for $1.68 per share, down from $2.63 a year ago. The revenue estimate is for $18.22 billion, a 4% boost from a year ago.
The logo for Citigroup appears above a trading post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File / AP Newsroom)
WELLS FARGO: is expected to report lower profit and revenue than a year ago. The Refinitiv estimate is for $0.80 per share, down from $1.38 a year ago. The revenue estimate is for $17.53 billion, down 13% from a year ago.
JPMORGAN’S DIMON CAUTIOUS ON GLOBAL ECONOMY
Other companies scheduled to report are: US Bancorp, PNC Financial Services Group, BlackRock, Bank of New York Mellon, State Street Advisors and UnitedHealth Group.
A cashier hands a customer back change after a transaction at a Target Corp. store in Colma, California. (David Paul Morris/Bloomberg via Getty Images / Getty Images)
RETAIL SALES: The Commerce Department will have the numbers for June. Economists surveyed by Refinitiv anticipate consumer spending to rise 0.8% month-over-month, rebounding from a surprise decline of 0.3% in May. Excluding the automotive component, spending is seen rising 0.6% in June, up from 0.5% the prior month.
AMAZON PRIME DAY SKIRTS INFLATION
NEW YORK FED: The Empire State Manufacturing Survey is expected to slip to a reading of -2.0 in July from -1.2 the previous month, notching its third straight month in contraction territory. A number above zero means that more New York-area manufacturers say business conditions are improving rather than worsening.
Shipping containers are seen at the container terminal of the port of Oakland, California. (REUTERS/Carlos Barria / Reuters Photos)
WHOLESALE INFLATION SURGES 11.3% IN JUNE, ACCELERATING MORE THAN EXPECTED
INFLATION REPORT: Import and export prices for June will be released. Prices of imported goods likely rose 0.7% month-over-month, slightly above May’s 0.6% increase. Watch for export prices to rise by 1.2% in June, less than half of May’s 2.8% spike and down from a record 4.1% jump in March.
