US futures move higher after week of losses
NEW YORK (AP) -- Stock futures are heading higher with major U.S. banks posting quarterly earnings.
JPMorgan Chase revealed that losses from an embarrassing trading misstep had grown to $4.4 billion, more than double the bank's original estimate of $2 billion. It also said it would have to lower its net income from the first quarter by $459 million after finding new data that "raises questions about the integrity" of values placed on certain trades.
Dow Jones industrial average futures are up 31 points to 12,533. Standard & Poor's 500 futures are up 2.5 points to 1,331.70 and Nasdaq futures are up 6.75 points to 2,544.50.
Shares of major banks were mixed in premarket trading.
JPMorgan shares edged up while Wells Fargo slipped 1 percent after posting second-quarter results.
(Copyright 2012 by The Associated Press. All Rights Reserved.)