US futures edge higher as US banks report earnings

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Associated Press

Posted on October 12, 2012 at 8:02 AM

Updated Friday, Oct 12 at 8:04 AM

NEW YORK (AP) — Stock futures are edging higher after mixed third-quarter results from two major banks, which has been the pattern all week as the U.S. earnings season kicks off.

Futures appear to be suggesting a weekly decline, however, as economic headwinds in both Europe and Asia weigh on U.S. indexes.

Dow Jones industrial futures are up 38 points to 13,303. The broader S&P futures have tacked on 5 points to 1,433.40. Nasdaq futures are up 6.25 points to 2,719.50.

The nation's largest bank, JPMorgan Chase, posted record quarterly profit Friday and blew away Wall Street expectations. Wells Fargo just edged out profit expectations, but revenue fell short and its shares slid 2 percent in premarket trading.

This week saw mixed results from U.S. corporations like Alcoa, Safeway and Yum Brands.

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