Stocks Rebound Ahead of Big Bank Earnings, Dogecoin Soars, Oil Up—and What Else Is Happening in the Stock Market Today

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The latest quarterly earnings season is kicking into high gear. Big Bank earnings lie ahead.

Angela Weiss/AFP via Getty Images

Stocks were rising Friday, rebounding from a selloff Thursday amid concerns about inflation, as investors looked ahead to earnings from big banks.

Futures for the Dow Jones Industrial Average indicated an open 100 points or 0.3% higher, after the index fell 176 points Thursday to close at 36,113. The S&P 500 was on track for a similar start, as was the Nasdaq —which tumbled 2.5% Thursday as technology stocks in particular came under pressure.

Overseas, the pan-European Stoxx 600 fell 0.5% and Hong Kong’s Hang Seng Index was 0.2% lower.

Markets have been roiled by high inflation readings this week: the highest annual consumer-price index rise since 1982, at 7%, and a 9.7% year-over-year increase in the producer-price index marking the highest in the history of that index. 

“Investors cannot make up their minds whether they’re worried about inflation and rising interest rates, or that they’re comfortable central banks can work their magic and get inflation under control,” said Russ Mould, an analyst at broker AJ Bell .

But stocks looked to be rebounding Friday, as earnings season begins in earnest with a number of big banks releasing results in the day ahead. JPMorgan Chase (ticker: JPM), Wells Fargo (WFC), and Citigroup (C) are among the companies reporting earnings.

“We expect a positive quarter, with an earnings beat of 7 [percentage points] resulting in earnings growth of 30% over the prior year,” said Mark Haefele, the chief investment officer at UBS Global Wealth Management, speaking about the earnings season ahead.

“Guidance from companies also looks set to point to continued demand strength in 2022 even if omicron is disrupting some businesses right now,” Haefele added.

Write to Jack Denton at