U.S. stock futures edged slightly higher as Asian trading sessions are drawing to a close on Friday in a volatile week for the stock market.
As of 16:03 BKK Time, Dow Jones Futures rose 0.24% to 30,703.80 points. Meanwhile, S&P 500 Futures increased 0.26% and Nasdaq Futures gained 0.31%.
Oil prices are also trading higher after a series of plummets this week in concerns of economic slowdown to limit oil consumption.
The international benchmark Brent crude rose 0.71% to $99.80 per barrel. The West Texas Intermediate (WTI) gained 0.27% to $96.04 per barrel.
Stocks in Wall Street are trying to shake off rate hikes and recession concerns after Dow Jones and the S&P 500 plunged for five days straight, fueled by inflation fears prior to the release on Wednesday and aggressive rate hikes fear after the inflation data came out higher-than-expected.
The U.S. banking sector reported disappointing results in 2Q22, kicked off by JPMorgan Chase and Morgan Stanley that missed expectations.
Morgan Stanley misses Q2 profit expectations on worse-than-expected performance from the investment banking segment. EPS was $1.39 vs $1.53 expected and revenue was $13.13 billion vs $13.48 billion estimated.
JPMorgan Chase EPS was $2.76 vs $2.91 estimated. Provision for credit losses were $1.10B, EST. $1.07B
Amid negativities in the market, the Bank of America (BofA) largely slashed its 2022 target for the S&P 500 to 3,600 from 4,500, representing a drop of 5% from the current level.
