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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: 224547

Reported Deaths: 2877
CountyCasesDeaths
Multnomah42425618
Washington28176259
Marion24842333
Clackamas20349243
Lane15401176
Jackson13240160
Deschutes1074187
Umatilla988394
Linn644882
Yamhill515882
Klamath498279
Douglas479594
Polk440457
Josephine438076
Malheur370967
Benton354822
Jefferson252842
Coos241040
Columbia213732
Union175924
Wasco160631
Lincoln159122
Crook144724
Hood River128934
Morrow125017
Clatsop123711
Baker116018
Curry86512
Tillamook7985
Grant5657
Lake4868
Harney46611
Wallowa2486
Gilliam881
Sherman872
Wheeler491
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 4003787

Reported Deaths: 64620
CountyCasesDeaths
Los Angeles131165624721
Riverside3112424667
San Bernardino3095025265
San Diego3011003805
Orange2856205146
Santa Clara1245862183
Sacramento1178311790
Kern1143421428
Fresno1057321746
Alameda980131290
Ventura845891046
Contra Costa78084836
San Joaquin776151461
Stanislaus666191097
Tulare50731854
San Mateo45255588
Monterey44651528
San Francisco41758565
Solano36525261
Santa Barbara36106469
Sonoma33414331
Merced33321485
Imperial29333746
Placer25624307
Kings23790251
San Luis Obispo22356267
Madera17220249
Santa Cruz16779207
Yolo15149215
Marin15039243
Butte13523205
Shasta13179242
El Dorado11312121
Napa1055282
Sutter10343127
Yuba712950
San Benito632664
Tehama592766
Lassen590526
Nevada568575
Humboldt535154
Mendocino485652
Tuolumne469173
Lake440866
Amador395348
Siskiyou259640
Glenn248127
Colusa238118
Calaveras235658
Del Norte174710
Inyo148238
Mono13395
Plumas7926
Modoc5767
Mariposa5377
Trinity4696
Sierra1370
Alpine910
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