Bank earnings; Surging stocks; Iran deadline

1. Bank earnings bonanza: JPMorgan and Wells Fargo are set to report fourth quarter earnings on Frid...

Posted: Jan 12, 2018 12:23 PM
Updated: Jan 12, 2018 12:23 PM

1. Bank earnings bonanza: JPMorgan and Wells Fargo are set to report fourth quarter earnings on Friday morning.

Overall, big banks had a good 2017 with solid results. However, investors are bracing for banks to record big one-off charges in the final quarter related to the overhaul of U.S. tax rules.

Goldman Sachs was the first big bank to announce a hit to profits in 2017 from a new so-called "repatriation tax."

Congress expects the new one-off tax on overseas profits will bring in an estimated $339 billion over time.

Companies expect the tax reform as a whole to be beneficial in the long run but there could be short term pain.

BlackRock is also due to report earnings before the market opens.

2. Surging stocks: U.S. stock futures are pointing up again, indicating the major indexes will hit fresh record highs on Friday.

The Dow Jones industrial average, S&P 500 and Nasdaq have been on a big winning streak since President Trump's election in November and have been hitting new highs nearly every day of 2018.

The indexes rallied between 0.7% and 0.8% on Thursday.

The S&P 500 hasn't retreated 3%, either in a single day or over several days, since early November 2016. That is the longest period of calm in history, according to Bespoke Investment Group.

European markets are mixed in early trading. Most Asian markets ended the week with small gains.

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3. Iran sanctions deadline: President Trump will decide on Friday whether to continue waiving some sanctions on Iran.

The sanctions are not set to expire for several years. But the waivers, which must be renewed every 120 days under the terms of the Iran nuclear deal, suspend them temporarily.

Trump waived the sanctions at the last deadline, but it's not clear whether he will do so again. If he decides not to, Boeing's $8 billion deal to sell 80 jets to Iran Air could be at risk, as could Total's huge energy investment in Iran.

4. December retail sales: The U.S. Census Bureau is set to report retail sales figures for December at 8:30 a.m. ET.

December is a critical month for the industry because it's when Americans do much of their holiday shopping.

Struggling retailers got a bit of a break in November, when retail sales grew by 0.8% -- better than expected.

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5. Coming this week:

Friday -- Bank earnings; December retail sales report

Indiana Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 71015

Reported Deaths: 3013
CountyConfirmedDeaths
Marion15322723
Lake7343274
Elkhart471380
Allen3725160
St. Joseph330179
Hamilton2610104
Vanderburgh184213
Hendricks1814106
Cass17669
Johnson1694118
Porter123839
Clark114846
Tippecanoe114611
Madison89565
LaPorte86930
Howard85565
Kosciusko82712
Marshall75822
Bartholomew75447
Floyd74045
Monroe70830
Delaware68052
Dubois65812
Boone65346
Noble64529
Hancock63838
Jackson5625
LaGrange55410
Warrick55330
Vigo54310
Shelby53527
Grant52029
Dearborn47928
Morgan45134
Clinton4043
Henry36919
White35110
Montgomery34621
Wayne34610
Lawrence33727
Decatur32432
Harrison30923
Putnam2778
Miami2642
Daviess25920
Scott25710
Greene24134
Franklin23413
DeKalb2234
Jasper2192
Jennings21512
Gibson2084
Steuben2043
Ripley1947
Perry17912
Fayette1777
Starke1747
Orange16624
Posey1650
Wabash1613
Fulton1592
Carroll1572
Wells1542
Jefferson1532
Whitley1476
Knox1420
Tipton1296
Huntington1213
Washington1211
Spencer1193
Newton11410
Randolph1144
Clay1045
Sullivan911
Adams892
Jay840
Owen831
Pulaski751
Brown711
Rush714
Fountain642
Benton600
Blackford592
Ohio574
Pike520
Parke501
Vermillion480
Crawford440
Switzerland440
Martin420
Union350
Warren201
Unassigned0202

Ohio Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 97471

Reported Deaths: 3618
CountyConfirmedDeaths
Franklin17834521
Cuyahoga13141491
Hamilton9374252
Lucas5155320
Montgomery417487
Summit3433218
Marion291045
Butler282262
Mahoning2477254
Pickaway237842
Stark1766137
Warren171136
Lorain168977
Columbiana161860
Trumbull1481105
Fairfield130931
Delaware126319
Licking120247
Clark111514
Lake107338
Wood99358
Clermont89211
Medina88735
Miami81137
Tuscarawas76214
Portage74361
Allen69942
Greene65611
Belmont59226
Richland58911
Mercer57313
Erie55627
Ashtabula55045
Geauga54844
Wayne51958
Ross4444
Huron3885
Ottawa36825
Sandusky36316
Darke36027
Athens3531
Hancock3533
Madison34910
Holmes3266
Lawrence2420
Auglaize2395
Union2331
Jefferson2192
Muskingum2151
Scioto2111
Putnam19917
Washington19822
Knox1917
Seneca1903
Coshocton1886
Shelby1774
Preble1762
Crawford1715
Morrow1652
Hardin15912
Clinton1586
Champaign1571
Highland1461
Fulton1441
Logan1402
Ashland1373
Wyandot1368
Defiance1334
Williams1303
Brown1232
Perry1163
Guernsey1147
Hocking1149
Henry1132
Carroll1105
Fayette1090
Monroe9118
Pike750
Jackson730
Van Wert701
Paulding640
Gallia621
Adams592
Meigs330
Vinton302
Morgan230
Harrison221
Noble170
Unassigned00
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