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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: 391099

Reported Deaths: 5161
CountyCasesDeaths
Multnomah60298839
Washington41981395
Marion39886506
Clackamas32773378
Lane30113355
Jackson24880360
Deschutes23557185
Umatilla15126180
Linn14637179
Douglas13375291
Josephine10148244
Yamhill9762143
Klamath9053146
Polk8212100
Benton609738
Malheur592487
Coos5664106
Columbia430455
Jefferson420266
Lincoln362152
Union338755
Crook334056
Wasco316146
Clatsop261835
Baker219833
Tillamook216645
Hood River213737
Morrow197525
Curry191939
Harney119933
Grant108515
Lake105416
Wallowa75713
Sherman1913
Gilliam1854
Wheeler1141
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 5083462

Reported Deaths: 74473
CountyCasesDeaths
Los Angeles152713227166
San Diego4069274335
Riverside3876785358
San Bernardino3745435962
Orange3343985725
Sacramento1683542443
Kern1576621804
Fresno1567952254
Santa Clara1520891925
Alameda1251761504
San Joaquin1075591834
Ventura1040031190
Contra Costa1037721046
Stanislaus915481417
Tulare860871096
San Francisco56909669
San Mateo56320629
Monterey52488626
Solano47671357
Santa Barbara47293549
Merced45053667
Sonoma43168412
Placer42141470
Imperial38477773
Kings35206363
San Luis Obispo31476359
Madera26194311
Shasta26081451
Butte25455314
Santa Cruz22248224
Yolo21558257
Marin18465249
El Dorado18301166
Sutter14571186
Napa13420104
Yuba1076089
Tehama10275130
Humboldt10158119
Nevada10019105
Mendocino857197
Lassen796756
San Benito781578
Tuolumne773090
Lake7043110
Amador577366
Siskiyou474755
Glenn457436
Calaveras441588
Del Norte375542
Colusa325220
Inyo256646
Plumas19367
Mono18784
Mariposa160018
Trinity99717
Modoc7655
Unassigned3220
Sierra2180
Alpine1080
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