FX.co ★ US Futures Flat as More Bank Earnings Eyed

U.S. stock futures remained largely unchanged on Wednesday, following a decline on Wall Street in the prior session. Investors are now looking forward to a new wave of earnings reports from major banks. On Tuesday, the Dow Jones Industrial Average decreased by 0.8%, while the S&P 500 and the Nasdaq Composite dropped by 0.19% and 0.1% respectively. The financial sector led this downturn, with JPMorgan's shares falling over 4%. This decline was attributed to disappointing fourth-quarter investment banking fees and concerns raised by the bank regarding a proposed 10% interest rate cap on credit cards for one year, which could adversely affect consumers and the broader economy. Visa and Mastercard also experienced significant losses, dipping 4.5% and 3.8% respectively. The focus now shifts to the forthcoming earnings reports from Bank of America, Wells Fargo, and Citigroup expected later today. Additionally, markets are navigating increased geopolitical tensions related to a potential U.S. intervention in Iran, alongside President Donald Trump’s criticisms of Federal Reserve Chair Jerome Powell.