Futures flat after record close Thursday, JPMorgan profit up

Fri Jul 12, 2013 8:14am EDT
 
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By Chuck Mikolajczak

NEW YORK (Reuters) - Stock index futures were little changed Friday after stocks closed at fresh highs a day earlier, in the wake of quarterly results from JPMorgan and ahead of data on inflation and consumer sentiment.

The S&P 500 index .SPX and the Dow industrials .DJI closed at record highs on Thursday, after Federal Reserve Chairman Ben Bernanke said the U.S. central bank will keep monetary policy loose for some time to lower the unemployment rate.

"As far as today is concerned, the market is likely to try to catch its breath after strong gains posted during the week," said Peter Cardillo, chief market economist at Rockwell Global Capital in New York.

"Nonetheless, markets are still poised to close near their records and I suspect they will maintain most of their gains."

JPMorgan Chase & Co (JPM.N: Quote), the largest U.S. bank by assets, dipped 0.5 percent to $54.85 in premarket trading. The bank reported a 31 percent jump in quarterly profit as trading revenue rebounded.

Shares of Wells Fargo & Co (WFC.N: Quote) dipped 0.1 percent to $41.85 in premarket trading after the fourth-largest U.S. bank by assets reported its quarterly earnings.

The June Producer Price Index is due at 8:30 a.m. EDT (1230 GMT). Economists in a Reuters survey forecast a 0.5 percent rise in PPI, with a 0.1 percent rise excluding volatile food and energy items.

The benchmark S&P index has risen 3.8 percent over the past six sessions. That's its longest winning streak since early March, when the index climbed for seven sessions on positive data, hopes for rosy results and signals from the Fed that it would continue to backstop the economy.   Continued...

 
Traders work on the floor at the New York Stock Exchange July 10, 2013. REUTERS/Brendan McDermid