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Bank earnings; Carillion contagion fears; Burberry drops

1. Bank earnings: Bank of America and Goldman Sachs will report quarterly results ahead of the open....

Posted: Jan 17, 2018 10:49 AM
Updated: Jan 17, 2018 10:49 AM

1. Bank earnings: Bank of America and Goldman Sachs will report quarterly results ahead of the open.

Investors expect the two banks to report huge one-time hits to their profits because of changes to U.S. tax rules.

Goldman warned in late December that the recently approved tax law would knock $5 billion off its earnings.

Citigroup posted an $18.3 billion loss on Tuesday, taking a $22 billion charge because of the tax cut.

Many firms are adjusting the value of so-called deferred tax assets because the corporate tax rate is going down. Some also face a one-time tax on their overseas earnings. Still, the new tax law is expected to be a boon for banks over the long term.

2. Carillion contagion fears: The collapse this week of British construction giant Carillion has raised concerns about its competitors. The company had employed 43,000 people and operated in the U.K., Canada, the Middle East and Northern Africa.

Shares in Interserve, a rival British construction and real estate firm, dropped by as much as 16% in London after the Financial Times reported that the government had set up a team to monitor its financial health. Shares quickly bounced back, however.

3. Global stock market overview: U.S. stock futures were higher after a volatile trading session on Tuesday.

European markets were mostly lower in early trade. Asian markets ended the day mixed.

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4. Stock movers -- Apple, Under Armour, Burberry: Apple shares hit a record high on Tuesday, but were slipping in premarket trade. Under Armour, which plummeted almost 9% on Tuesday, was also in the red.

Burberry shares lost 7% in London after the company released its latest quarterly update. Shares in the fashion firm have declined 16% since hitting a record high in November.

5. Economics: The weekly report on U.S. crude inventories will be published at 10:30 a.m. ET. U.S. crude oil futures were holding steady around $63.60 per barrel.

The Federal Reserve will release its latest Beige Book at 2:00 p.m.

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

6. Coming this week:

Wednesday -- Bank of America, Goldman Sachs, Alcoa earnings; Tiffany reports holiday sales
Thursday --
Morgan Stanley, IBM earnings
Friday -- January consumer sentiment report released by the University of Michigan

Oregon Coronavirus Cases

Data is updated nightly.

Cases: 155315

Reported Deaths: 2208
CountyCasesDeaths
Multnomah31853528
Washington21170212
Marion18416285
Clackamas13357175
Lane10224126
Jackson8377112
Umatilla765182
Deschutes594659
Yamhill377364
Linn358656
Malheur335058
Polk305342
Klamath278955
Douglas246354
Josephine233750
Benton233516
Jefferson195528
Coos148219
Union128419
Columbia126121
Wasco122126
Lincoln113120
Hood River106829
Morrow104714
Clatsop7756
Crook77518
Baker6567
Curry4266
Tillamook4142
Lake3756
Harney2736
Grant2221
Wallowa1424
Gilliam531
Sherman530
Wheeler221
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Cases: 3563578

Reported Deaths: 51953
CountyCasesDeaths
Los Angeles119089421328
Riverside2894503767
San Bernardino2862912816
Orange2610223904
San Diego2596413271
Santa Clara1104221777
Kern102627826
Fresno952021443
Sacramento931801472
Alameda804961241
Ventura77534844
San Joaquin665691101
Contra Costa62164674
Stanislaus56024946
Tulare47784758
Monterey42138328
San Mateo38922515
San Francisco34213410
Santa Barbara31763409
Solano30024164
Merced28915397
Sonoma28063298
Imperial26888591
Kings21951218
Placer19763232
San Luis Obispo19612227
Madera15436209
Santa Cruz14588183
Marin13136197
Yolo12816185
Shasta10972174
Butte10941160
El Dorado9095100
Napa901469
Sutter884597
San Benito575959
Yuba573336
Lassen560119
Tehama508152
Nevada395274
Tuolumne394659
Mendocino379643
Amador345741
Humboldt318033
Lake315341
Glenn222023
Colusa212813
Calaveras190547
Siskiyou174014
Inyo128737
Mono12114
Del Norte9875
Plumas6536
Modoc4524
Mariposa3957
Trinity3675
Sierra990
Alpine810
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