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Bank earnings; Surging stocks; Iran deadline

1. Bank earnings bonanza: JPMorgan and Wells Fargo are set to report fourth quarter earnings on Frid...

Posted: Jan 12, 2018 9:23 AM
Updated: Jan 12, 2018 9:23 AM

1. Bank earnings bonanza: JPMorgan and Wells Fargo are set to report fourth quarter earnings on Friday morning.

Overall, big banks had a good 2017 with solid results. However, investors are bracing for banks to record big one-off charges in the final quarter related to the overhaul of U.S. tax rules.

Goldman Sachs was the first big bank to announce a hit to profits in 2017 from a new so-called "repatriation tax."

Congress expects the new one-off tax on overseas profits will bring in an estimated $339 billion over time.

Companies expect the tax reform as a whole to be beneficial in the long run but there could be short term pain.

BlackRock is also due to report earnings before the market opens.

2. Surging stocks: U.S. stock futures are pointing up again, indicating the major indexes will hit fresh record highs on Friday.

The Dow Jones industrial average, S&P 500 and Nasdaq have been on a big winning streak since President Trump's election in November and have been hitting new highs nearly every day of 2018.

The indexes rallied between 0.7% and 0.8% on Thursday.

The S&P 500 hasn't retreated 3%, either in a single day or over several days, since early November 2016. That is the longest period of calm in history, according to Bespoke Investment Group.

European markets are mixed in early trading. Most Asian markets ended the week with small gains.

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3. Iran sanctions deadline: President Trump will decide on Friday whether to continue waiving some sanctions on Iran.

The sanctions are not set to expire for several years. But the waivers, which must be renewed every 120 days under the terms of the Iran nuclear deal, suspend them temporarily.

Trump waived the sanctions at the last deadline, but it's not clear whether he will do so again. If he decides not to, Boeing's $8 billion deal to sell 80 jets to Iran Air could be at risk, as could Total's huge energy investment in Iran.

4. December retail sales: The U.S. Census Bureau is set to report retail sales figures for December at 8:30 a.m. ET.

December is a critical month for the industry because it's when Americans do much of their holiday shopping.

Struggling retailers got a bit of a break in November, when retail sales grew by 0.8% -- better than expected.

Download CNN MoneyStream for up-to-the-minute market data and news

5. Coming this week:

Friday -- Bank earnings; December retail sales report

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 70832

Reported Deaths: 885
CountyCasesDeaths
Multnomah15875232
Washington997499
Marion9017137
Clackamas585377
Umatilla430149
Lane420241
Jackson364428
Malheur237942
Deschutes222814
Yamhill164816
Linn138522
Polk116816
Douglas91217
Jefferson80811
Union7715
Benton7667
Klamath7604
Morrow6517
Lincoln61315
Wasco51919
Josephine5104
Columbia4783
Coos4182
Hood River3941
Clatsop3510
Baker2723
Crook2176
Grant1341
Curry1292
Tillamook1230
Lake1171
Harney961
Wallowa713
Sherman230
Gilliam220
Wheeler30
Unassigned00

California Coronavirus Cases

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Cases: 1185576

Reported Deaths: 19089
CountyCasesDeaths
Los Angeles3877937604
San Bernardino902221129
Riverside857741437
San Diego76359996
Orange750951577
Kern40337448
Fresno37724481
Sacramento35854566
Santa Clara32985476
Alameda28857505
San Joaquin25738502
Contra Costa23571261
Stanislaus21460424
Tulare20649308
Ventura19058175
Imperial15862356
San Francisco15156160
Monterey14750116
San Mateo13715170
Sonoma11922157
Merced11537179
Santa Barbara11277135
Kings1047587
Solano1003681
Marin7628129
Placer635468
Madera604785
San Luis Obispo596435
Shasta471847
Yolo462675
Santa Cruz426928
Butte389459
Sutter314415
Napa298817
El Dorado22174
Yuba198110
San Benito183716
Lassen17733
Tehama161225
Mendocino148522
Nevada11849
Tuolumne9088
Glenn8928
Lake89019
Humboldt8509
Colusa6946
Siskiyou6242
Mono5273
Amador52016
Calaveras47822
Del Norte3131
Inyo29016
Plumas2050
Trinity1390
Mariposa1282
Modoc1250
Alpine470
Sierra190
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