July 12, 2013 / 12:14 PM / in 4 years

Futures flat after record close Thursday, JPMorgan profit up

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.

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

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), 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) 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.

The Thomson Reuters/University of Michigan Surveys of Consumers preliminary July consumer sentiment index is scheduled for release at 9:55 a.m. (1355 GMT). Economists in a Reuters survey expect a reading of 85.0 compared with 84.1 in the final June report.

S&P 500 futures edged up 1.1 points and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures added 13 points, and Nasdaq 100 futures gained 4.25 points.

Analysts expect S&P 500 companies’ second-quarter earnings to have grown 2.5 percent from a year earlier, with revenue up 1.5 percent, according to Thomson Reuters data.

U.S.-listed shares of Infosys (INFY.N) jumped 9 percent to $45.61 in premarket trade after the company reported quarterly results and maintained its revenue growth forecast.

Valero Energy Corp (VLO.N) dipped 3.5 percent to $33.35 before the opening bell. The U.S. refining company said it expects lower second-quarter earnings due to a rise in the price of some of the crude oil it processes.

U.S. defense firm General Dynamics (GD.N) is in talks to deliver battle tanks to Saudi Arabia, beating out German rival Krauss-Maffei Wegmann for the lucrative deal, a German newspaper reported.

European shares headed Friday for their best week since late April, buoyed by central banks’ commitment to stimulus. .EU

Investors in Asian stocks turned cautious, even after a record close on Wall Street, as markets braced for China’s second-quarter economic growth data on Monday that could show weakness in the world’s second-biggest economy.

Editing by Bernadette Baum

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