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5 things to know before the market opens on Friday, July 15

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5 things to know before the market opens on Friday, July 15

A trader works on the floor of the New York Stock Exchange (NYSE) in New York City on July 13, 2022.

Brendan McDermid | Reuters

Here are the most important news items investors need to start their trading day.

1. Stocks open higher

Stock futures rose in premarket trading as investors digested the latest round of bank earnings. Despite a late rebound, the market is looking for a rebound after the Dow and S&P 500 closed lower on Thursday. The Nasdaq edged higher. However, traders remain wary of the upcoming earnings report as hiring remains strong despite surging prices, consumers continuing to spend heavily.Investors will also focus on the June retail sales report at 8:30 am ET and preliminary data on consumer confidence for July at 10 am

2. Wells Fargo and Citigroup report earnings

Wells Fargo logo visible at SIBOS Banking and Finance Conference in Toronto

Chris Hegren | Reuters

Another day, another group of big bank earnings. On Friday, Wells Fargo echoed its larger rival, JPMorgan, saying its second-quarter profit took a hit as it set aside more money to cushion the blow from bad loans. The bank’s revenue fell short of analysts’ expectations. Wells Fargo shares slipped in premarket trading. Meanwhile, Citigroup reported profit and revenue that beat Wall Street expectations. “The positive catalysts we’ve seen in both credit card businesses over the past few quarters translated into solid revenue growth in the quarter,” said Citi Chief Executive Officer Jane Fraser. Bank of America and Goldman Sachs will meet Monday on Monday. Prepare reports before the market closes.

3. China’s GDP is sluggish

Rush hour at an intersection in Beijing, China, June 16, 2022. The Chinese capital has struggled to contain a new Covid cluster after dozens of people linked to a local nightclub tested positive for the virus. Unlike the rest of the world, the country has always pursued a strict zero outbreak policy to control the outbreak.

Kevin Friel | Getty Images News | Getty Images

China’s gross domestic product grew only marginally in the second quarter from a year earlier, reflecting the country’s efforts to cope with lockdown measures aimed at limiting the spread of Covid-19. GDP rose 0.4%, below analysts’ expectations of 1%. China’s industrial production also rose less than expected in June, but retail sales climbed. The country’s statistics bureau warned that China’s economy could suffer from “the risk of stagflation in the world economy.”

4. Pinterest shares soar after Elliott stake report

Pedestrians pass by a Pinterest sign displayed outside the New York Stock Exchange.

Michael Nagel | Bloomberg | Getty Images

Shares of Pinterest surged in after-hours trading after The Wall Street Journal reported that activist Elliott Management owns more than 9% of the social media company. Shares of Pinterest have fallen 75% over the past 12 months as its global monthly active users drop. This week’s news follows a top-level restructuring at Pinterest last month, when co-founder Ben Silbermann stepped down as CEO and was replaced by former Google commerce chief Bill Ready.

5. Manchin rejects Dems’ tax and climate proposals

U.S. Senator Joe Manchin (D-WV) walks toward the Senate at the U.S. Capitol on June 7, 2022 in Washington.

Jonathan Ernst | Reuters

Sen. Joe Manchin, a conservative Democrat from West Virginia, dealt a severe blow to the party’s recent efforts to pass a legislative package that includes long-negotiated climate policy and NBC News, NBC News reported. Provisions designed to close tax loopholes for the wealthy and corporations. Democrats won a narrow 50-50 Senate majority with Vice President Kamala Harris’ run-off vote. Majority Leader Chuck Schumer has been negotiating with Manchin on a package that would also prevent Obamacare from significantly raising insurance premiums before the September deadline. As things stand, Manchin will only support a bill that includes a health care provision. Democrats risk losing their congressional majority in this fall’s midterm elections as voters get frustrated with high inflation.

– Sarah Min, Hugh Son, Evelyn Cheng, and Jonathan Vanian of CNBC contributed to this report.

Tune in to the CNBC special, “The Inventory – The State of the Market,” hosted by Courtney Reagan on Friday at 6 p.m. ET.

— Sign up for the CNBC Investment Club today to follow Jim Cramer’s every stock move. Follow broader market moves like a pro on CNBC Pro.

Correction: The Dow and S&P 500 fell on Thursday, while the Nasdaq edged up. An earlier version incorrectly stated their move.

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