Stock futures mixed as earnings kick into high-gear

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Stock futures regained some ground on Wednesday following Tuesday's whipsaw session that saw drug companies halt trials related to COVID-19 vaccines.

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Dow Jones futures rose 7 points early Wednesday, a day after the 30-stock index fell 157.7 points, impacted by Johnson & Johnson Inc.'s COVID-19 trial halt due to patient illness. Eli Lilly  & Co. also halted the late-stage trial of its monoclonal antibody treatment over potential safety concerns following a recommendation from U.S. health regulators.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28679.81-157.71-0.55%
JNJJOHNSON & JOHNSON148.36-3.48-2.29%
LLYELI LILLY & COMPANY150.08-4.41-2.85%
TickerSecurityLastChangeChange %
I:COMPNASDAQ COMPOSITE INDEX11863.895513-12.36-0.10%
SP500S&P 5003511.93-22.29-0.63%

NASDAQ Composite futures and S&P 500 futures were mixed, with the NASDAQ up 0.2% and the S&P 500 down slightly more than 1%.

STOCKS SLIP AS ELI LILLY HALTS COVID-19 TRIALS, BANKS CAUTIOUS ON RECOVERY

European markets were slightly higher, shrugging off earlier losses after the U.K. government signaled it would continue to hold trade talks with the E.U. past the Oct. 15 deadline put forth by British Prime Minister Boris Johnson.

The Stoxx Europe 600 index, German DAX and French CAC 40 all ticked higher, showing slight gains.

BANKS, EARNINGS IN FOCUS

TickerSecurityLastChangeChange %
BACBANK OF AMERICA CORP.24.95-0.73-2.84%
GSGOLDMAN SACHS GROUP INC.210.81-3.31-1.55%
USBU.S. BANCORP INC.38.42-1.33-3.35%
WFCWELLS FARGO & COMPANY24.74-0.94-3.66%

Bank earnings are again in focus, as Bank of America Corp., Goldman Sachs Group Inc., Wells Fargo & Co. and U.S Bancorp all reported third-quarter results.

Goldman Sachs earned $9.68 a share on $10.78 billion in revenue, compared to $5.57 a share and $9.45 billion that analysts were expecting.

Bank of America topped estimates by 2 cents a share, despite an 11% decline in quarterly revenue.

TickerSecurityLastChangeChange %
JPMJP MORGAN CHASE & CO.100.78-1.66-1.62%
CCITIGROUP INC.43.68-2.20-4.80%

The additional insight into the health of the financial sector comes one day after JPMorgan Chase & Co. and Citigroup Inc. reported better-than-expected results.

TickerSecurityLastChangeChange %
UNHUNITEDHEALTH GROUP INCORPORATED331.42+1.45+0.44%
UALUNITED AIRLINES HLDG.35.26-1.12-3.08%
AAALCOA CORPORATION12.72+0.13+1.03%

UnitedHealth Group reported earnings that were 42 cents better-than-expected, while also generating more revenue than expected.

United Airlines Holdings Inc. and Alcoa Corp., both report results after the market closes.

ECONOMIC NEWS

Wednesday will see the release of several pieces of economic data, including looks at the U.S. housing market and inflation readings.

At 7 a.m., the MBA Mortgage Applications Index for the week ending Oct. 10 will be released. At 8:30 a.m., producer price index (PPI) will be released, with economists expecting a reading of 0.1% and 0.3% excluding food and energy.

At 2 p.m., the Federal Reserve will release its Beige Book, providing a reading on the various economic regions throughout the country.

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West Texas Intermediate crude oil fell 0.6% to $39.96 a barrel, while gold reclaimed the $1,900 an ounce level, up 0.3%.

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