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5 things to know before the stock market opens Wednesday

CNBC logo CNBC 10/14/2020 Matthew J. Belvedere

1. Futures higher after Wall Street ends four-session winning streak

a person standing in front of a building: People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 5, 2020 in New York City. © Provided by CNBC People walk by the New York Stock Exchange (NYSE) in lower Manhattan on October 5, 2020 in New York City.

U.S. stock futures pointed to a higher open Wednesday, one day after the first down session in the past five for the Dow Jones Industrial Average, S&P 500 and Nasdaq, as investors digest more bank earnings and keep watch for any coronavirus stimulus developments out of Washington. Gains on Wednesday would avoid back-to-back losses for the major stock benchmarks, something that has not happened in more than three weeks. Despite Tuesday's slide, the October gains for the Dow, S&P 500 and Nasdaq are still larger than the losses they experienced in September.

2. Goldman beats on earnings while BofA and Wells Fargo disappoint

Dow-30 stock Goldman Sachs rose in Wednesday's premarket trading after the Wall Street firm posted third-quarter earnings and revenue that best estimates. Per-share profit of $9.68 far exceeded analyst expectations of $5.57. Quarterly revenue came in at $10.78 billion.

Bank of America shares fell in the premarket after the lender posted third-quarter results that missed on revenue. The firm said it generated $20.45 billion in total revenue. Profit in the quarter slumped 16% to $4.9 billion, or 51 cents a share, edging out the 49 cent estimate.

Shares of Wells Fargo dropped in the premarket after the bank also reported disappointing earnings for the third quarter as low rates put pressure on net interest income. Wells Fargo earned 42 cents per share on better-than-expected Q3 revenue of $18.86 billion.

3. Walmart spreading out Black Friday sales

a person standing in front of a store: A shopper is seen wearing a mask while shopping at a Walmart store in Bradford, Pennsylvania, July 20, 2020. © Provided by CNBC A shopper is seen wearing a mask while shopping at a Walmart store in Bradford, Pennsylvania, July 20, 2020.

Walmart, a Dow component, said Wednesday it will have in-store Black Friday sales, but it's breaking them up into three different shopping events. The big-box retailer is taking safety precautions, such as having employees distribute sanitized shopping carts and limiting the number of customers inside the store. Walmart is planning to take steps to discourage crowds and nudge some bargain hunters online, too. The stock rose modestly in premarket trading.


Video: Markets set to rebound at open ahead of more earnings results (CNBC)

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4. U.S. pauses Eli Lilly's antibody treatment trial

a close up of a organ: The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020. © Provided by CNBC The Eli Lilly logo is shown on one of the company's offices in San Diego, California, September 17, 2020.

Eli Lilly's shares were under mild pressure in the premarket after confirming to CNBC late Tuesday that the U.S. has paused the drugmaker's late-stage trial of its leading monoclonal antibody treatment for the coronavirus. The news came less than 24 hours after Johnson & Johnson confirmed that its late-stage coronavirus vaccine trial was paused after a participant reported an "adverse event."

5. Trump to pitch economic agenda before another rally

Donald Trump wearing a suit and tie: U.S. President Donald Trump holds a campaign rally at John Murtha Johnstown-Cambria County Airport in Johnstown, Pennsylvania, U.S. October 13, 2020. © Provided by CNBC U.S. President Donald Trump holds a campaign rally at John Murtha Johnstown-Cambria County Airport in Johnstown, Pennsylvania, U.S. October 13, 2020.

President Donald Trump is set to talk about his economic agenda Wednesday morning in an Economic Club of New York webcast. Continuing his swing through battleground states, Trump holds a campaign rally in Iowa later in the day. The president's visit to Des Moines comes as the state remains under a public health emergency declared by Republican Gov. Kim Reynolds on March 17.

— The Associated Press and CNBC's Peter Schacknow contributed to this report.

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