Futures crawl higher, Wells Fargo down after results

Published by
Reuters

(Reuters) – U.S. stock index futures eked out gains on Friday as investors braced for retail sales data, while Wells Fargo became the third major U.S. bank to report disappointing earnings. The fourth-largest U.S. lender’s shares fell 2.3% in premarket trading as the bank set aside more money to cover potential loan losses. Investors are also awaiting Citigroup’s results. The big Wall Street banks are building their reserves in anticipation of a sharp economic slowdown as the U.S. Federal Reserve moves aggressively to control inflation. Both JPMorgan Chase & Co and Morgan Stanley reported a pl…

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