Stock ETFs Point Up On JPMorgan’s 67% Profit Rise; Emerging Markets Gain Pre … – Barron’s (blog)
By Murray Coleman
With J.P. Morgan (JPM) reporting a 67% jump in first-quarter profits and U.S. retail sales for March showing a modest yet positive 0.4% uptick, stock ETFs are pointing to a positive opening Wednesday.
The Financial Select Sector SPDR (XLF) is ahead by 0.8% in pre-markets. Shares of J.P. Morgan are up more than 1%. And the broad SPDR S&P 500 (SPY) is up 0.5%.
Emerging markets are looking particularly strong this morning on the eve of a conference in China among BRIC leaders. Representatives of Brazil, Russia, Indian and China are gathering to jointly discuss how they can work together to gain a bigger say in global economic matters.
The iShares MSCI Emerging Markets ETF (EEM) is up 1.7% and the iShares FTSE China 25 ETF (FXI) is ahead by 1.9%.
Also up: President Obama is expected to outline his deficit reduction plans in a speech at George Washington University later today. Business inventories are due at 10 a.m. eastern time and at 2 p.m. the Fed’s Beige Book numbers showing regional economic activity should be published.