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U.S. stocks were poised for losses Friday, as Google and Bank of America earnings disappointed investors.
"Obviously right now, investors are a little concerned," said Ethan Anderson at Rehmann in Grand Rapids, Mich. "You're seeing data out of China showing higher inflation and that puts more upward pressure on interest rates. Meanwhile, earnings reports haven't been horrible, but they have certainly not been incredibly impressive either."
Dow component Bank of America (BAC, Fortune 500) fell 1% in premarket trading after the bank fell short of analyst estimates when it reported first-quarter earnings of $2 billion, or 17 cents a share. Analysts were forecasting a 27-cent profit.
Like JPMorgan Chase (JPM, Fortune 500) earlier this week, Bank of America said losses from mortgage-related assets would continue to hurt its bottom line.
Google (GOOG, Fortune 500) shares also dragged on premarket trading, falling 5.7% early Friday. Late Thursday, Google reported a quarterly profit that rose from year-ago results but missed Wall Street forecasts.
Economy: The Consumer Price Index during March rose mostly in line with expectations. The CPI rose 0.5% on a monthly basis and the annual rate reached 2.7%.
Core inflation rose at a slowest rate than in February at 0.1% in March, below expectations of a 0.2% rise. In the last 12 months the Core CPI rose 1.2%.
Investors will get the University of Michigan's consumer sentiment survey for April.
Companies: Other companies reporting results on Friday included broker Charles Schwab (SCHW, Fortune 500) and toy maker Mattel (MAT, Fortune 500).
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