5 things to know before the stock market opens on Friday, July 15

Here are the most important news that investors need to start their trading day.

Stock futures rose In pre-market trading As investors digested the latest round of banks’ earnings. Markets are looking to recover after the Dow and S&P 500 closed lower on Thursday despite a belated rally. The Nasdaq rose slightly. Traders remain wary of the upcoming wave of earnings reports, as consumers continue to spend big and employment remains strong despite higher prices. Investors will also be watching the June retail sales report, due at 8:30 a.m. ET and preliminary data on consumer confidence in July at 10 a.m.

Another day, another batch of big bank profits. on Friday, Wells Fargoechoing his biggest rival JPMorgan Chase, said Profits declined in the second quarter Because it set aside more money to cushion the blow than bad loans. The bank’s revenue came in less than analysts’ expectations. Wells Fargo shares fell in premarket trading. City Groupat the same time, Profits and revenue are recorded That exceeded Wall Street expectations. “The positive drivers we’ve seen in our two credit card companies over the past few quarters have translated into strong revenue growth this quarter,” said Jane Fraser, Citi’s CEO. American bank And the Goldman Sachs On deck to report before the bell on Monday.

China’s GDP in the second quarter It only grew slightly Compared to the same period last year, reflecting the country’s ongoing struggles with lockdowns aimed at curbing the spread COVID-19. Gross domestic product rose 0.4%, below analysts’ estimates of 1%. China’s industrial production growth for June also exceeded expectations, but retail sales jumped. China’s statistics bureau warned that the Chinese economy may suffer from “the risks of stagflation in the global economy.”

Pintereststock Rise in out-of-hours trading After the Wall Street Journal mentioned That activist Elliott Management has acquired more than 9% of the social media company. Pinterest shares have fallen 75% in the past 12 months as the number of monthly active users globally has fallen. This week’s news follows a post last month at the top of Pinterest, when co-founder Ben Silberman stepped down as CEO and was succeeded by former Google CEO Bill Reddy.

Senator Joe Manchin, a conservative Democrat from West Virginia, dealt a fatal blow to his party’s latest attempt to pass a legislative package including long-negotiated climate policies and provisions designed to plug tax loopholes for the wealthy and corporations, According to NBC News. Democrats have a slim majority in the Senate of 50-50, with Vice President Kamala Harris’ vote-breaking vote. Majority Leader Chuck Schumer was in negotiations with Manchin over a package that would also prevent large increases in premiums under Obamacare before the September deadline. As it stands now, Manchin will only support a bill with health care provisions. Democrats are in danger of losing their majority in Congress during this fall’s midterm elections as voters get frustrated with hyperinflation.

Sarah Min, Heo Soon, Evelyn Cheng and CNBC’s Jonathan Fanian contributed to this report.

Tune in at 6 p.m. ET on Friday to watch CNBC’s special, “Taking Stock – State of the Markets,” hosted by Courtney Reagan.

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Correction: The Dow and S&P 500 fell on Thursday, while the Nasdaq rose slightly. An earlier version made a mistake in their movements.