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 11:23 AM
Updated: Jan 12, 2018 11:23 AM

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

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 604406

Reported Deaths: 7629
CountyCasesDeaths
Hennepin1249281777
Ramsey52501896
Dakota46829470
Anoka42767458
Washington27423291
Stearns22555224
St. Louis18138313
Scott17550135
Wright16374149
Olmsted13397102
Sherburne1201695
Carver1067248
Clay826092
Rice8200110
Blue Earth762544
Crow Wing681794
Kandiyohi667985
Chisago619852
Otter Tail585884
Benton582998
Goodhue483874
Douglas475481
Mower470633
Winona461351
Itasca459463
Isanti439964
McLeod430561
Morrison424862
Beltrami407861
Nobles407650
Steele397916
Polk389072
Becker386755
Lyon363853
Carlton352856
Freeborn346933
Pine335023
Nicollet331245
Mille Lacs311954
Brown307840
Le Sueur297326
Cass286132
Todd285633
Meeker263342
Waseca238023
Martin235332
Roseau211221
Wabasha20783
Hubbard196641
Dodge18783
Renville182446
Redwood176539
Houston174616
Cottonwood167124
Wadena163323
Fillmore157410
Faribault154719
Chippewa154038
Pennington153820
Kanabec146828
Sibley146810
Aitkin138937
Watonwan13579
Rock128719
Jackson122612
Pipestone116726
Yellow Medicine114920
Pope11306
Murray107110
Swift106918
Koochiching95417
Stevens92411
Clearwater89016
Marshall88817
Lake83220
Wilkin83213
Lac qui Parle75622
Big Stone6044
Grant5948
Lincoln5853
Mahnomen5669
Norman5479
Kittson49022
Unassigned48393
Red Lake4017
Traverse3775
Lake of the Woods3453
Cook1720

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 371050

Reported Deaths: 6051
CountyCasesDeaths
Polk58259640
Linn21218339
Scott20307248
Black Hawk16139312
Woodbury15238230
Johnson1461985
Dubuque13509211
Dallas1128899
Pottawattamie11225174
Story1071448
Warren583891
Clinton561593
Cerro Gordo554093
Sioux517474
Webster515794
Muscatine4882106
Marshall486676
Des Moines467472
Wapello4338122
Buena Vista426940
Jasper421172
Plymouth403181
Lee382356
Marion366076
Jones300957
Henry294637
Bremer288461
Carroll286952
Boone268634
Crawford268440
Benton259855
Washington257251
Dickinson249344
Mahaska232651
Jackson225242
Clay216727
Kossuth216166
Tama211971
Delaware211143
Winneshiek198635
Page194522
Buchanan193833
Cedar192423
Hardin187444
Fayette186643
Wright186040
Hamilton181951
Harrison180073
Clayton171157
Butler166335
Madison164619
Mills163824
Floyd163442
Cherokee159338
Lyon158841
Poweshiek157036
Allamakee152952
Hancock150334
Iowa149824
Winnebago144531
Cass139255
Calhoun138913
Grundy137333
Emmet135841
Jefferson133435
Shelby131537
Sac130920
Union130035
Louisa129849
Appanoose129049
Mitchell126643
Chickasaw124817
Franklin123523
Guthrie123332
Humboldt119626
Palo Alto113623
Howard104922
Montgomery103638
Clarke100924
Keokuk96732
Monroe96431
Unassigned9560
Ida91535
Adair87332
Pocahontas85822
Davis85225
Monona82931
Osceola78916
Greene78011
Lucas77923
Worth7618
Taylor66812
Fremont6269
Decatur6169
Ringgold56424
Van Buren56418
Wayne54423
Audubon53411
Adams3444
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