MW: U.S. stock futures steady after upbeat J.P. Morgan results
By Barbara Kollmeyer & Steve Goldstein, MarketWatch
LONDON (MarketWatch) -- U.S. stock futures were caught in a trading range on Thursday, as J.P. Morgan Chase's strong results were countered by profit taking from the last session and worries over the impact of CIT Group's potential bankruptcy.
S&P 500 futures fell 1.6 points to 925.60 and Nasdaq 100 futures slipped 1.25 points to 1,496.00.
Futures on the Dow Jones Industrial Average rose 2 points.
J.P. Morgan (JPM 35.99, -0.27, -0.75%) rose 0.7% as the Dow industrials component reported a stronger-than-forecast 36% improvement in second-quarter profit. Still, the bank did note rising impairments.
And not all of the company earnings reports were as strong. Marriott International (MAR 20.41, -1.39, -6.38%) fell close to 4% after it reported a 76% profit drop and said revenue from available room may drop between 17% and 20% this year.
And Nokia (NOK 14.08, -1.60, -10.20%) slumped 9% in pre-market trade as the phone maker cut its forecast on margins and market share.
Also a worry was the possible bankruptcy for CIT Group (CIT 1.64, +0.03, +1.86%) . The firm said there is "no appreciable likelihood of additional government support being provided over the near term."
On the economic front, initial weekly jobless claims are due at 8:30 a.m. Eastern, while the July confidence index of U.S. home builders is expected at 1 p.m.
Asia stocks logged solid gains on back of Wall Street's rally Thursday. China's economy expanded by 7.9% in the second quarter, according to government statistics.
Stocks in Europe edged 0.4% higher, after upbeat outlooks from Novartis (NVS 42.00, +1.05, +2.56%) and Electrolux (ELUX.Y 30.05, +1.75, +6.18%) offset the Nokia drop.
Crude oil futures fell 51 cents to $61.03 a barrel, while the dollar lost ground vs. the Japanese yen.
Bonds rose, with yields on 10-year Treasury bonds falling 4 basis points to 3.57%.
U.S. stocks rallied on Wednesday as markets cheered positive earnings reports from Intel and others, with the Dow gaining 256.72 points, or 3.1%, its biggest point gain since March 23.
