Mixed Results from Big Banks Impact Wall Street's Subdued Opening

Wall Street is set for a muted open as investors process mixed results from major banks and slightly higher-than-expected producer prices. JPMorgan reported increased profits, while Wells Fargo saw a dip, and Citigroup experienced gains. Focus shifts to consumer survey reports as inflation remains volatile.

Wall Street was poised for a quiet start on Friday as investors absorbed mixed earnings reports from big banks and an unexpected rise in producer prices. The Federal Reserve's next moves on interest rates remain in focus.

JPMorgan Chase revealed a rise in second-quarter profits, driven by higher investment banking fees and an $8 billion accounting gain from a Visa share exchange. Despite this, shares of the banking giant edged 0.2% lower during premarket trading.

Wells Fargo saw its shares drop by 5.5% after failing to meet quarterly interest income estimates. On the other hand, Citigroup's shares climbed 2.8% following a surge in investment banking revenue and gains in its services division. Investors are now eyeing the University of Michigan's consumer survey report for further market direction.

(With inputs from agencies.)