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Stock futures climbed on Wednesday after the latest consumer price index showed core inflation unexpectedly slowed in December.
Futures for the Dow Jones Industrials jumped 200 points, or 0.5%, to 42,952.
Futures for the S&P 500 Index gained 21 points, or 0.4%, to 5,903.25.
Futures for the tech-heavy NASDAQ 74.75 points, or 0.4%, to 20,994.25.
Fourth-quarter earnings reporting season got off to a positive start Wednesday. JPMorgan Chase shares jumped nearly 3% after the bank reported EPS of $4.81 for the last period, much higher than the $4.11 estimate from analysts polled by LSEG. Revenue also topped expectations. Fixed income trading and investment banking drove the results.
Shares of Goldman Sachs added 1.5% after the bank posted a top- and bottom-line beat in the previous quarter. The investment bank’s earnings of $11.95 per share on $13.87 billion topped forecasts calling for $8.22 EPS and revenues of $12.39 billion, per LSEG.
Wells Fargo shares climbed 3% after the bank said net interest income would be 1% to 3% higher in 2025. Meanwhile, Citigroup popped nearly 4% after beating fourth-quarter estimates.
December’s consumer price index showed the core inflation rate, which excludes food and energy, rose 3.2%, the Bureau of Labor Statistics reported Wednesday. This was a notch down from the previous month and better than the 3.3% estimated by economists surveyed by Dow Jones.
In Japan, the Nikkei 225 index dropped 0.1%, while in Hong Kong, the Hang Seng index gained 0.3%.
Oil prices recovered 50 cents to $78.00 U.S. a barrel.
Gold prices acquired $22.30 to $2,683 U.S. an ounce.
