S&P 500, Nasdaq Futures Dragged By Financial Stocks—American Express, CSX Corp, Standard Lithium In Focus

Benzinga

U.S. stock futures slumped on Friday following Thursday’s declines. Futures of major benchmark indices dropped by nearly 1%.  Banking and financial stocks plunged on Thursday after Zions Bancorporation NA (NASDAQ:ZION) announced that it had incurred a sizable charge due to bad loans of a couple of borrowers. Meanwhile, Western Alliance Bancorp (NYSE:WAL) alleged on Thursday that a borrower had committed fraud.

Transcript

00:00all right futures under oops let me go ahead and share my screen here

00:10futures under pressure here this morning ahead of friday's open uh it's worth noting that they

00:16are actually up off of the lows on the back of a trump post that uh he does not anticipate the

00:22tariffs to remain high says it's unsustainable so we have moved higher here in the pre-market but

00:29we're still set for a lower open s&p futures down 0.27 dow futures down 0.07 and the nasdaq futures

00:37down 0.43 so slightly in the red there ahead of this open let's go ahead and take a look at some

00:45cues from the last session it was a wild one financials utilities and energy stocks recorded

00:50the biggest losses on thursday with most sectors in the s&p closing on a negative note while

00:55information technology stocks bucked the trend to finish higher this performance contributed to

01:00u.s stocks settling in the red with the dow jones index falling more than 300 points

01:05up here uh banking and financial stocks plunged on thursday after zion bank court ticker zion

01:15announced that it had incurred a sizable charge due to bad loans on a couple of borrowers

01:20meanwhile western alliance bank court ticker wal alleged on thursday that a borrower had committed

01:27fraud now we did hear that these were likely contained to these two but there are some

01:34contagion fears that really kind of spread to the rest of regional banking kre got pummeled yesterday

01:39as well this followed jp morgan's ticker jpm ceo jamie diamond's comments after the tricolor

01:47holdings bankruptcy saying quote when you see one cockroach there's probably more end quote this of

01:53course raised red flags across the entire sector the 10-year treasury bond is under four percent for

01:59the first time in a long time but that bond yielded 3.95 percent and the two-year bond yielded 3.38

02:05percent now we do have some other stocks in focus here today first one's going to be csx corp that's

02:11ticker csx it rose 2.06 percent in the pre-market on friday as it posted better than expected results

02:17for the third quarter with a revenue of 3.59 billion which beat the analyst estimates of 3.58

02:24billion and adjusted earnings of 44 cents per share which beat the analyst estimates of 43 cents per

02:30share you can see while we don't have any great uh ranking scores for csx it is absolutely in an intact

02:36short medium and long-term trend second stock on our list here is going to be ticker sli this is

02:42standard lithium they plunged 18.55 percent following the company's thursday announcement

02:47of 120 million dollar underwritten public offering of common stock that had a really high momentum

02:53score and intact trends across the board newsmax is our next stock here that's ticker n m a x that was

03:01up 0.65 percent after it announced it authorized a five million dollar purchase of bitcoin and trump

03:07coin how about that uh newsmax also american express which mostly services the more fluent customer

03:15ticker a xp declined by 1.12 percent ahead of earnings on friday morning uh before the opening bell

03:24analyst excuse me analyst expected to report earnings of four dollars per share and revenue of

03:3018.05 billion we actually got that report a xp is about flat here in the pre-market they had an eps of

03:37414 which beat the four estimate and the sales there were 18.426 billion that beat the estimate of 18.04 billion

03:45last stock on our list here is going to be oracle ticker orcl shares were 3.74 percent lower as the company

03:52said it expects cloud infrastructure revenue to grow to 166 billion in fiscal 2023 which was below the

03:59analyst estimates of 198.4 billion that's according to lseg data

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