Nasdaq Composite Today: Earnings Season Heating Up and Inflation Looming

This post includes affiliate links. If you purchase anything through these affiliated links, 247wallst.com may earn a commission.

As of 8:45 a.m. ET today, US stock futures are trading lower as the unofficial start to earning season kicks off with large banks releasing quarterly earnings.

• Futures Implied Nasdaq Open: -56.50 (-.28%)
• Futures Implied Dow Open: -18 (-.04%)
• Futures Implied S&P 500 Open: -3.25(-.06%)

Investors are paying close attention to how the Fed's potential rate hikes could affect lending margins and profits in the financial sector.

JPMorgan Chase (JPM) reported a decline in profits due to credit loss provisions, even as its investment banking arm posted strong results. The bank’s shares edged up 1% in premarket trading. Meanwhile, Wells Fargo (WFC) saw a nearly 4% rise after reporting a drop in both net interest income and profit.

Asset management giant BlackRock (BLK) recorded its third consecutive quarterly high in assets under management, benefiting from the stock market’s rally, while BNY Mellon (BK) reported a 16% increase in profit as net interest income climbed.

At the same time, investors continued to scrutinize the latest consumer inflation data, which left uncertainty about the Fed’s next move on interest rates. The lack of clear signals regarding potential rate cuts or hikes kept markets cautious.

In the Nasdaq, Tesla (TSLA) is an taking one on the chin down over 6% as investors were not impressed with the company's Cybercab and Robotaxi event last night.

Is Your Money Earning the Best Possible Rate?

Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.

However, by moving that money into a high-yield savings account , you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks , you can set up a high-yield savings account and start earning interest immediately.

There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!