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Shares of J.P. Morgan Chase & Co. slipped 0.3% in premarket trade Friday, after the banking giant reported fourth-quarter results, which showed corporate and investment banking (CIB) revenue falling well below expectations. Although overall adjusted earnings per share, which excluded a large negative impact from tax legislation, and net revenue beat expectations, CIB revenue fell 12% to $7.48 billion, below the FactSet consensus of $7.91 billion, as net income fell 32% to $2.3 billion. Within the group, banking revenue rose 10% to $3.1 billion, boosted by 10% growth in investment banking revenue. But markets and investor services revenue tumbled 22% to $4.4 billion, weighed down by a 26% decline in markets revenue. Within markets, fixed income markets revenue plunged 34% and equity markets revenue was flat. The stock has rallied 15.5% over the past three months through Thursday, while the SPDR Financial Select Sector ETF has climbed 10.9% and the Dow Jones Industrial Average has run up 12.0%.

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Facebook shares are down nearly 4% in premarket trading Friday as investors react to news the social media giant is making major changes to its news feed that may come at the expense of ad dollars. Facebook said late Thursday it will now prioritize personal posts from family and friends over videos and posts from businesses and news media. In a blog post, CEO Mark Zuckerberg said the sweeping changes are being made to “encourage meaningful interactions between people,” even as he acknowledged it may hurt the company’s bottom line. Last quarter, the company took in $10.14 billion in ad revenue from 6 million customers, mostly small- and medium-sized businesses. Facebook has come under criticism over the content of its news feed in recent years, including its role in spreading disinformation around the presidential election.

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The euro jumped to its highest level against the dollar since early 2015 on Friday after German lawmakers agreed on a coalition blueprint, more than three months after the country’s general election. The euro bought $1.2118, trading around its highest level since early January three years ago, according to FactSet data. The shared currency bought $1.2034 late Thursday in New York. The pop came after reports Chancellor Angela Merkel’s conservative CDU party and Martin Schulz’s center-left SPD after all-night talks agreed to a blueprint for formal coalition negotiations. The Germans voted in a general election on Sept. 24, where Merkel’s party came out with the most votes, but fell short of an outright majority. Merkel first tried to form a coalition with the Greens and the FDP, but turned to the social democrats after those talks collapsed. The SPD was also in a coalition with the CDU in the previous government, but had vowed not to take on the role as junior partner again.

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U.S. stock futures were indicating a stronger open for Wall Street on Friday, keying off a sharply weaker U.S. dollar, said analysts. Dow Jones Industrial Average futures jumped 102 points, or 0.4%, to 25,658, while S&P 500 futures rose 5.75 points, or 0.2%, to 2,775.25. Nasdaq-100 futures gained 11.25 points, or 0.2%, to 6,738.25. The jump in stock futures coincided with news that German lawmakers had reached a deal on a ruling coalition. That news sent the euro flying to three-year highs against the dollar, which weakened across the board. Investors will get important updates on U.S. consumer price inflation and retail sales later on Friday.

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From:: Stock Market News

U.S. stock futures were indicating a stronger open for Wall Street on Friday, keying off a sharply weaker U.S. dollar, said analysts. Dow Jones Industrial Average futures jumped 102 points, or 0.4%, to 25,658, while S&P 500 futures rose 5.75 points, or 0.2%, to 2,775.25. Nasdaq-100 futures gained 11.25 points, or 0.2%, to 6,738.25. The jump in stock futures coincided with news that German lawmakers had reached a deal on a ruling coalition. That news sent the euro flying to three-year highs against the dollar, which weakened across the board. Investors will get important updates on U.S. consumer price inflation and retail sales later on Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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The euro jumped to its highest level against the dollar since early 2015 on Friday after German lawmakers agreed on a coalition, more than three months after the country’s general election. The euro bought $1.2119, trading around its highest level since January three years ago. The shared currency bought $1.2034 late Thursday in New York. The pop came after reports Chancellor Angela Merkel’s conservative CDU party has reached an agreement with Martin Schulz’s center-left SPD to form a governing coalition. The Germans voted in a general election on Sept. 24, where Merkel’s party came out with the most votes, but fell short of an outright majority. Merkel first tried to form a coalition with the Greens and the FDP, but turned to the social democrats after those talks collapsed. The SPD was also in a coalition with the CDU in the previous government, but had vowed not to take on the role as junior partner again.

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President Donald Trump plans to extend a waiver on sanctions against Iran as part of the 2015 nuclear deal, according to news reports. The Associated Press and Bloomberg News reported that Trump will announce the waiver Friday morning. Failure to waive the sanctions would effectively kill the deal reached between Iran and the West that limits Iran’s nuclear program. Trump has vowed to end the agreement, calling it the “worst deal ever.” Congress requires the president to renew the waiver every 90 days. But Bloomberg also said the Trump administration is preparing new targeted sanctions related to Iran’s ballistic missile testing, human rights record and hacking activities.

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President Donald Trump has canceled plans to visit London next month over fears of mass protests, according to news reports late Thursday. The Guardian and Sky News both said Secretary of State Rex Tillerson will instead travel to the U.K. to mark the opening of the new U.S. Embassy in London. The Guardian said plans for a state visit had been previously scaled back to a “working visit” for Trump for the ribbon-cutting and for meetings with Prime Minister Theresa May, but that even that more modest trip appears to have been abandoned. Trump’s travel ban targeting largely Muslim countries and his retweeting of a British far-right group has spurred much criticism in the U.K. Trump is expected to fly to Europe for the World Economic Forum in Davos, Switzerland, at the end of January.

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Fiat Chrysler Automobiles NV said late Thursday it plans to invest more than $1 billion to modernize a plant in Michigan to make the next generation of its Ram heavy-duty trucks by 2020. The production of the trucks will be relocated to the Michigan factory from a plant in Mexico, Fiat Chrysler said. The move will create 2,500 new jobs, the company said, adding the announcement was made possible in part by the U.S. tax overhaul. The Mexican plant will be “repurposed” to make future commercial vehicles for the global market, the car maker said. In the same statement, Fiat Chrysler said it will pay a $2,000 bonus to about 60,000 hourly and salaried U.S. employees, excluding senior executives, in the second quarter. American Depositary shares of Fiat Chrysler rose nearly 5% in late trading after ending the regular session up 7.2%.

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S&P Global Ratings on Thursday cut Brazil’s long-term foreign and local
currency sovereign credit ratings by one notch to ‘BB-‘ from ‘BB’. The outlook on the ratings is stable. “The stable outlook reflects our view that there is a less than one-in-three likelihood that we could raise or lower the ratings on Brazil over the coming year,” said credit analyst Lisa Schineller in a statement. It also is indicative of Brazil’s stable external position and the strength of its monetary policy that help to offset fiscal weakness and lower economic growth outlook than its peers. BB- is generally viewed as “speculative” by lenders.

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From:: Stock Market News