Traders work on the trading floor of the New York Stock Exchange.
Brendan McDermid | Reuters
US stock futures changed little on Wednesday night after the S&P 500 suffered a three-day losing streak as companies kicked off quarterly earnings season.
Dow Jones Industrial Average futures fell 0.01%. The futures on the S&P 500 and Nasdaq 100 gained 0.02% and 0.07%, respectively.
The main averages were hardly changed by the end of the regular session. The Dow stayed at 34,377.81, the S&P 500 gained 0.3% and the Nasdaq Composite rose 0.7%.
Minutes of the September meeting of the Federal Reserve’s Open Market Committee, released on Wednesday afternoon, showed that the central bank could begin the tapering process in mid-November or mid-December.
“We’re still thinking November, but a month won’t matter to the markets at that point,” said Lawrence Gillum, Fixed Income Strategist at LPL Financial. “However, there have been some interesting discussions about the lift-off and it looks like the committee remains divided. The future composition of the committee only adds to the uncertainty as to when the lift-off will actually take place.”
Earlier in the day, JPMorgan kicked off big bank profits with excellent results that beat expectations with a $ 1.5 billion increase due to better-than-expected credit losses. Still, stocks fell 2.6% and other bank stocks also fell.
Bank of America, Citigroup, Morgan Stanley and Wells Fargo are all expected to report their winnings before Bell Thursday. Dow member UnitedHealth Group is on deck as is Domino’s Pizza.
Early Wednesday, the Labor Department reported that the core consumer price index, which excludes food and energy, rose 0.2% in September from the previous month and 4% in the last 12 months, compared to estimates of 0.3% and 4% respectively. .
The producer price index data for September and the weekly jobless claims will be released on Thursday.