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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.

Cases: 441935

Reported Deaths: 5885
CountyCasesDeaths
Hennepin918591461
Ramsey39405729
Dakota32551324
Anoka30638354
Washington19827221
Stearns17686184
St. Louis13453237
Scott1178693
Wright11485101
Olmsted1024870
Sherburne812364
Carver686636
Clay643278
Rice595266
Kandiyohi551069
Blue Earth533833
Crow Wing476573
Otter Tail449860
Chisago446331
Benton414885
Winona383946
Douglas370366
Nobles364646
Mower358026
Goodhue340757
Polk326754
McLeod321644
Morrison308743
Beltrami305746
Lyon298735
Itasca281143
Becker279438
Isanti279440
Carlton276942
Steele26879
Pine263813
Freeborn237219
Todd230029
Nicollet222136
Brown212334
Mille Lacs211645
Le Sueur206515
Cass203823
Meeker197433
Waseca187515
Martin168226
Wabasha16712
Roseau164916
Hubbard146937
Redwood138527
Renville136139
Houston133213
Dodge13134
Chippewa130632
Cottonwood125118
Fillmore12084
Wadena118214
Rock108511
Sibley10757
Aitkin106633
Watonwan10548
Faribault103214
Kanabec96818
Pennington95915
Pipestone92522
Yellow Medicine92514
Murray8585
Jackson84510
Swift82617
Pope7355
Marshall70115
Stevens6968
Clearwater68114
Lac qui Parle65216
Lake62215
Wilkin6179
Koochiching57910
Lincoln4771
Big Stone4513
Unassigned43568
Grant4247
Norman4218
Mahnomen4077
Kittson36619
Red Lake3154
Traverse2433
Lake of the Woods1741
Cook1130

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 300884

Reported Deaths: 4197
CountyCasesDeaths
Polk44949440
Linn17563269
Scott15228161
Black Hawk13552228
Woodbury12896175
Johnson1191749
Dubuque11229148
Pottawattamie8863112
Dallas874169
Story857433
Webster464768
Cerro Gordo458766
Sioux452451
Clinton445461
Warren430637
Marshall424561
Buena Vista389029
Muscatine382275
Des Moines377340
Plymouth347967
Wapello336796
Jasper315955
Lee310828
Marion298852
Jones268949
Henry262130
Carroll252233
Bremer240048
Crawford227622
Boone214116
Washington213531
Benton207543
Mahaska189936
Jackson189631
Tama184757
Dickinson183225
Delaware171136
Kossuth169241
Clay165319
Wright161724
Fayette157022
Buchanan156920
Hamilton156828
Hardin153129
Harrison152961
Winneshiek150819
Clayton149848
Cedar149119
Butler145423
Page143115
Floyd137236
Cherokee137125
Mills135216
Lyon133132
Poweshiek131024
Hancock127924
Allamakee125927
Iowa122122
Calhoun12159
Jefferson118623
Grundy118522
Winnebago117229
Madison11639
Mitchell114634
Louisa113729
Cass111741
Chickasaw110111
Sac110115
Emmet109931
Appanoose108838
Union107922
Humboldt103919
Guthrie102124
Shelby101026
Franklin99818
Unassigned9370
Palo Alto8969
Keokuk84225
Montgomery82722
Howard81119
Monroe79918
Pocahontas77211
Clarke7717
Ida73530
Greene6837
Davis68221
Adair68120
Lucas6458
Osceola6349
Monona62316
Taylor5889
Worth5873
Fremont5005
Van Buren49112
Decatur4744
Ringgold4229
Wayne41321
Audubon4118
Adams2923
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