Bank of America Corp beat analysts' estimates for quarterly profit on Wednesday, as a boost from bond trading and growth in its loan book helped the second-biggest U.S. lender blunt a hit from lower interest rates.
Oil prices slipped on Wednesday on concerns that the Phase 1 trade deal between the United States and China, the world's biggest oil users, may not boost demand as the United States intends to keep tariffs on Chinese goods until a second phase.
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Goldman Sachs Group Inc on Wednesday reported quarterly profit that missed analysts' estimates by a wide margin, hurt by weakness in its investment banking business and higher operating costs.
U.S. stock index futures were marginally lower on Wednesday ahead of the release of details of an initial U.S.-China trade deal, with investors also digesting the second round of bank earnings after a strong set of reports on Tuesday.
Target Corp said on Wednesday it missed its own expectations for holiday season sales, citing weak demand for toys and electronics for growth of just 1.4% and dragging shares across the retail sector lower.
UnitedHealth Group Inc reported a better-than-expected quarterly profit on Wednesday, as the largest U.S. health insurer managed to control medical costs and made gains with the unit that houses its pharmacy benefits management business.
The bank's public and private stakes in companies from Uber to WeWork have caused volatility in quarterly results in the past.
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"I keep wondering when people are going to recognize that it is historic that tariffs did succeed," said CNBC's Jim Cramer.
U.S. wireless carriers T-Mobile US Inc and Sprint Corp are expected to urge a federal judge on Wednesday to let them proceed with their $26.5 billion merger, as a group of states argues the deal violates federal antitrust laws.
The S&P 500 and the Dow opened lower on Wednesday, dragged down by banking shares after disappointing results from Goldman Sachs, while investors awaited the release of details of an initial U.S.-China trade deal.
Phase 2 trade deal talks between Washington and Beijing may not start anytime soon, China's Global Times reported on Wednesday citing an unnamed source.
BlackRock Inc , the world's largest asset manager, beat analysts' estimates for quarterly profit on Wednesday, helped by strong flows into its exchange-traded fund business that boosted overall assets under management to a record $7.43 trillion.
Even as the stock market enjoyed a sharp rally recently, many of BlackRock's clients were under-invested in equities and remained heavily oriented towards fixed-income securities, BlackRock Inc Chief Executive Larry Fink said on Wednesday.