US STOCKS-Futures dip as big banks kick off earnings season

Reuters

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* Futures down: Dow 19 pts, S&P 3.75 pts, Nasdaq 1 pts By Sruthi Shankar Oct 12 (Reuters) - Futures pointed to a slightly lower open on Thursday, with JPMorgan reporting its quarterly results, kicking off the earnings season in earnest. * JPMorgan JPM.N , the biggest U.S. bank by assets, dropped 0.40 percent after posting a rise in better-than-expected quarterly profit, but a slump in bond trading clouded its loan growth and benefits from higher interest rates. urn:newsml:reuters.com:*:nL4N1MN3YL * Wall Street banks have already warned of lower trading revenue, but investors will watch for guidance from executives. Citigroup C.N , which reports later in the day, was down 0.59 percent. * Bank of America BAC.N and Wells Fargo WFC.N , scheduled to report earnings on Friday, were also down. * With the S&P 500 up 14 percent in 2017, investors are betting on strong earnings growth across the S&P 500. * Also on tap is a report on producer prices for September, coming as Federal Reserve policymakers debate about stubbornly-low inflation as they decide on when to raise interest rates next. * The Labor Department report at 8:30 a.m. ET (1230 GMT) is expected to show the producer price index rose 0.4 percent in September, after rising 0.2 percent in August. * However, the more crucial reading of inflation will come from consumer price data on Friday. Many analysts have warned the data will be muddied by recent hurricanes. * The economic data also comes as the hunt for Janet Yellen's successor to chair the Fed gathers steam. * Reports on Wednesday that Fed Governor Jerome Powell, seen as a safe pick for financial markets, was being pushed as a successor helped Wall Street close at fresh record highs. * Powell and fellow governor, Lael Brainard, are scheduled to speak later in the day. * Among stocks, AT&T T.N fell more than 1 percent after the company said its third-quarter results took a hit from the string of hurricanes. urn:newsml:reuters.com:*:nL4N1MM5PY * J.Jill JILL.N plunged 39 percent after the women's fashion retailer slashed its third-quarter forecast. urn:newsml:reuters.com:*:nL4N1MM5GJ Futures snapshot at 7:04 a.m. ET: * Dow e-minis 1YMc1 were down 19 points, or 0.08 percent, with 12,419 contracts changing hands. * S&P 500 e-minis ESc1 were down 3.75 points, or 0.15 percent, with 75,087 contracts traded. * Nasdaq 100 e-minis NQc1 were down 1 points, or 0.02 percent, on volume of 12,136 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza) ((sruthi.shankar@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 6749 6328; Reuters Messaging: sruthi.shankar.reuters.com@reuters.net)) Keywords: USA STOCKS/

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