Wall Street's Slump: Banks and Retail Sales Under Spotlight

Wall Street's main indexes are poised to open lower as investors evaluate earnings reports from major banks like Bank of America and Citigroup. Retail sales and producer price data have made minimal impact on interest rate expectations. Analysts anticipate varied growth in earnings for S&P 500 companies.

Wall Street's main indexes are expected to open lower on Wednesday as investors process mixed earnings results from major banks including Bank of America and Citigroup. The retail sales and producer price data did little to shake expectations for future interest-rate cuts this year.

Bank of America shares saw a 1.5% decline despite beating quarterly profit estimates. Meanwhile, Wells Fargo's shares fell 2.6% after their revenue missed targets for the fourth quarter. The banking sector's stocks are adjusting after a substantial 25% rise over the past year, with some setbacks following slightly missed estimates.

In related movements, Citigroup experienced a rise in shares by 1.6% due to strong dealmaking despite a cautious outlook from executives at JPMorgan regarding proposed credit card interest rate ceilings. The broader market's reaction remains tepid amid geopolitical concerns and a focus on Federal Reserve interest rate decisions.

(With inputs from agencies.)