U.S stock futures were trending higher on Monday amid a thin trading environment as U.S. stock and bond markets remain closed in honor of Martin Luther King Jr. Investors are looking ahead to the earnings session, which could paint a picture of the health of the U.S. economy.
Dow futures (DJIA) were up 0.19%, S&P futures (SPX) were up 0.21% and Nasdaq futures (NDX) were up 0.15% at the time of writing.
Upcoming Earnings
17 Education & Technology Group (YQ) is scheduled to report its quarterly results today. Coeur d’Alene Bancorp Inc. (CDAB), Malaga Financial Corporation (MLGF), and Silver Bull Resources (SVBL) are also scheduled to report.
Market News
In M&A, CI&T (CINT) has acquired UK-based digital product agency Somo Global Ltd for $67 million. The deal is likely to close in the first quarter of 2022. The acquisition should allow the information technology and software engineering company to gain access to valuable digital capabilities and a wide range of clients in the automotive, financial services and telecom industries.
Meanwhile, GlaxoSmithKline (GSK) has rejected a £50B takeover bid from Unilever Plc. (UL) for its Consumer Healthcare Business. The global healthcare company says the takeover bid undervalues the current business and its long-term prospects.
Shares of JPMorgan Chase & Co. (JPM) fell 6.15%, even as the financial service company delivered solid fourth-quarter results. The company delivered $30.3 billion in revenues, better than the $29.9 billion expected by analysts. Diluted earnings landed at $3.33 a share, better than $3.01 a share expected.
BlackRock, Inc. (BLK) shares fell 2.2% after the global investment management corporation delivered mixed fourth-quarter results. Earnings beat estimates, but revenues missed. Quarterly revenues landed at $5.11 billion, a 14% year-over-year growth but below consensus estimates of $5.13 billion. Earnings, on the other hand, landed at $10.42 a share, up 2.4% year over year and above consensus estimates of $10.04 a share.
Well Fargo & Co. (WFC) shares popped 3.7% after the financial services company delivered better than expected fourth-quarter and full-year 2021 results, driven by the economic recovery. Q4 earnings more than doubled to $1.38 a share, exceeding consensus estimates of $1.12 a share. Revenue, on the other hand, jumped 13% year-over-year to $20.86 billion, beating consensus estimates of $18.78 billion.
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