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.

Download CNN MoneyStream for up-to-the-minute market data and news

5. Coming this week:

Friday -- Bank earnings; December retail sales report

Minnesota Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 22947

Reported Deaths: 977
CountyConfirmedDeaths
Hennepin7695581
Ramsey2698110
Stearns199512
Nobles14963
Anoka128963
Dakota120249
Olmsted58210
Washington57630
Kandiyohi4761
Rice4232
Clay41625
Scott3832
Todd2960
Wright2801
Mower2311
Sherburne2222
Carver1892
Benton1733
Steele1490
Blue Earth1261
Martin1265
St. Louis11714
Freeborn1020
Unassigned9410
Pine890
Nicollet827
Winona7815
Carlton730
Cottonwood690
Watonwan640
Otter Tail630
Goodhue603
Polk592
Crow Wing591
Chisago541
Itasca548
Dodge460
Le Sueur441
Meeker440
Chippewa441
Morrison410
Jackson390
Douglas390
Lyon380
Murray360
Becker360
Isanti320
McLeod300
Waseca250
Rock220
Mille Lacs191
Wabasha170
Fillmore171
Pennington170
Swift170
Sibley150
Beltrami140
Brown142
Cass132
Faribault130
Wilkin113
Norman110
Kanabec111
Pipestone100
Marshall90
Wadena80
Pope80
Aitkin70
Koochiching70
Yellow Medicine60
Lincoln50
Mahnomen51
Renville50
Big Stone40
Red Lake40
Redwood40
Clearwater30
Traverse30
Lac qui Parle30
Grant30
Houston20
Roseau20
Hubbard10
Lake10
Kittson10
Stevens10

Iowa Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 18559

Reported Deaths: 506
CountyConfirmedDeaths
Polk3930118
Woodbury267232
Black Hawk172443
Linn94176
Marshall88215
Dallas87517
Buena Vista7020
Johnson6078
Muscatine54941
Wapello5456
Crawford4892
Tama40026
Scott35210
Louisa34210
Dubuque33418
Jasper25816
Pottawattamie2348
Sioux2130
Washington1858
Wright1450
Allamakee1204
Plymouth1191
Warren1160
Story991
Mahaska918
Poweshiek898
Bremer676
Henry671
Clinton601
Des Moines591
Boone570
Taylor490
Guthrie463
Cedar461
Clarke450
Benton391
Monroe385
Jones360
Iowa350
Shelby340
Clayton323
Osceola320
Buchanan320
Webster321
Marion310
Hamilton290
Madison271
Fayette260
Cerro Gordo251
Monona240
Cherokee240
Lee240
Winneshiek230
Davis200
Grundy190
Lyon190
Jefferson190
Harrison190
Floyd181
Sac170
Dickinson160
Mills160
Hardin160
Hancock160
Humboldt150
Butler150
Delaware150
Appanoose143
Ida140
Keokuk140
Greene130
Clay130
Howard120
Audubon121
Emmet120
Lucas120
Cass110
Jackson110
Page110
Winnebago110
Franklin100
Pocahontas100
Carroll90
Van Buren90
Kossuth90
Chickasaw80
Adair80
Union70
Adams70
Montgomery60
Mitchell50
Ringgold40
Fremont40
Palo Alto30
Worth30
Calhoun20
Wayne10
Decatur10
Unassigned10
Rochester
Clear
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Mason City
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Albert Lea
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Austin
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Charles City
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Lingering showers Thursday AM will turn to sunshine by the afternoon
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