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Global Stocks Trade Mixed as Wall Street Banks Kick Off Earnings Season

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 Dow Jones Industrial Average were flat, along with S&P 500 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 S&P 500 to a record, while a late-afternoon rally sent the Nasdaq Composite 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 Johnson & Johnson’s  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 Goldman Sachs, and JPMorgan Chase & Co. , with Wells Fargo still to come.

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JPMorgan and Goldman Sachs 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.

 

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