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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.

Confirmed Cases: 43793

Reported Deaths: 673
CountyConfirmedDeaths
Multnomah9502166
Marion6024109
Washington599178
Umatilla343545
Clackamas326766
Lane246727
Malheur194938
Jackson17967
Deschutes118513
Yamhill101315
Linn84515
Polk66815
Jefferson60710
Morrow5517
Lincoln51813
Union4842
Benton4636
Klamath4223
Douglas3688
Wasco34916
Hood River2841
Columbia2711
Josephine2703
Coos2601
Clatsop2480
Baker1403
Crook1132
Tillamook740
Curry581
Wallowa492
Lake430
Harney350
Sherman200
Grant120
Gilliam110
Wheeler10
Unassigned00

California Coronavirus Cases

Data is updated nightly.

Confirmed Cases: 923648

Reported Deaths: 17559
CountyConfirmedDeaths
Los Angeles3050707044
Riverside675521306
San Bernardino641311073
Orange594421468
San Diego55898885
Kern34114420
Fresno31195439
Sacramento25882499
Santa Clara24665404
Alameda23636463
San Joaquin21988492
Contra Costa18877243
Stanislaus17814400
Tulare17730291
Ventura14409166
Imperial13023338
San Francisco12277145
Monterey1153892
San Mateo11278159
Santa Barbara9886126
Sonoma9601136
Merced9588155
Kings848683
Solano758676
Marin7107127
Madera506676
Placer429059
San Luis Obispo424032
Yolo325060
Butte313453
Santa Cruz284825
Shasta199931
Napa199816
Sutter188912
San Benito144915
El Dorado13684
Yuba133810
Mendocino115421
Tehama9219
Lassen7711
Lake70216
Glenn6793
Nevada6328
Humboldt56910
Colusa5536
Calaveras34721
Amador33716
Tuolumne2855
Inyo24015
Siskiyou2140
Mono1822
Del Norte1801
Mariposa812
Plumas760
Modoc450
Trinity280
Sierra60
Alpine40
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