Stock futures pointed to a rise of more than 1 percent at the open on Wednesday after JPMorgan Chase & Co
JPMorgan, the first major U.S. bank to report quarterly earnings, said profit rose sharply as underwriting revenue at its investment bank offset deeper losses on credit cards and other consumer loans.
The bank's profit and a stronger outlook from chip maker Intel Corp
Obviously the (JPMorgan) results look much better than expected, on both the top line and the bottom line. It's an old leader in the industry, but it certainly delivered, said Peter Boockvar, equity strategist at Miller Tabak & Co in New York.
JPMorgan shares rose about 4 percent in premarket trade on the better-than-expected results. Intel shares rose 4.7 percent.
S&P 500 futures rose 14.60 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 118 points, and Nasdaq futures rose 23.00 points.
(Reporting by Edward Krudy; Editing by Padraic Cassidy)