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REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsSummaryCompanies Wells Fargo gains as Q3 profit risesJPMorgan Q3 profit rises on interest income boostBlackRock reports Q3 profit growthUnitedHealth gains on Q3 profit beatFutures: Dow flat, S&P down 0.18%, Nasdaq down 0.43%Oct 13 (Reuters) - Futures tracking Wall Street's main indexes fell on Friday as investors assessed earnings from big U.S. banks, while Treasury yields eased following a spike in the previous session. JPMorgan Chase(JPM.N), the biggest U.S. bank, posted a jump in third-quarter profit as higher interest rates boosted its income from loans. BlackRock (BLK.N) reported a 13% rise in third-quarter profit on a rebound in markets. UnitedHealth (UNH.N) advanced 2.5% after beating third-quarter profit estimates, helped by lower-than-expected medical costs for the healthcare conglomerate. Traders put the chance of interest rates remaining unchanged in November and December at around 92% and around 69%, respectively, according to CME's FedWatch tool.

Persons: Brendan McDermid, JPMorgan Chase, Wells Fargo, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Organizations: New York Stock Exchange, REUTERS, Companies Wells, JPMorgan, BlackRock, Dow, Nasdaq, U.S, Citigroup, Commonwealth Financial Network, Fed Bank of Philadelphia, Federal Reserve Bank of Boston, Traders, University of Michigan's, Dow e, Investors, Hamas, Exxon Mobil, Chevron, Callon Petroleum, Occidental Petroleum, Dollar, Boeing, Thomson Locations: New York City, U.S, BLK.N, Israel, Gaza City, Bengaluru

☆ Futures edge lower ahead of big bank earnings
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Futures down: Dow 0.02%, S&P 0.11%, Nasdaq 0.25%Oct 13 (Reuters) - Futures tracking Wall Street's main stock indexes edged lower on Friday as investors looked ahead to earnings reports from big U.S. banks, while Treasury yields eased after a spike in the previous session. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) are scheduled to report quarterly numbers before the opening bell. Asset manager BlackRock (BLK.N), health insurer UnitedHealth Group (UNH.N) and regional lender PNC Financial (PNC.N) are also slated to report earnings. Remarks from Fed Bank of Philadelphia President Patrick Harker, a voting member on the rate-setting Federal Open Market Committee (FOMC) this year, would also be on investors' radar during the day. On the data front, a preliminary estimate of the University of Michigan's October Consumer Sentiment Index is due at 10 a.m.

Persons: JPMorgan Chase, Rob Swanke, Patrick Harker, Susan Collins, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Saumyadeb Organizations: Dow, Nasdaq, JPMorgan, Citigroup, BlackRock, UnitedHealth, PNC Financial, Commonwealth Financial Network, Fed Bank of New, Fed Bank of Philadelphia, Market, Federal Reserve Bank of Boston, Traders, Treasury, University of Michigan's, Dow e, Hamas, Thomson Locations: Wells Fargo, Fed Bank of New York, U.S, Israel, Gaza City, Bengaluru

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2023. JPMorgan Chase (JPM.N), Wells Fargo (WFC.N) and Citigroup (C.N) rose between 3% and 5% after trouncing quarterly profit estimates as they benefited from higher interest rates. The S&P 500 Banks index (.SPXBK) gained 3.2%, hitting a three-week high. Options traders are bracing for larger-than-usual post-earnings stock price swings for some U.S. banks, despite signs of cooling volatility in broader markets, options data showed. The energy sector (.SPNY) tracked a more than 3% jump in crude prices and led the gains among S&P 500 sectors.

Persons: Brendan McDermid, Wells, JPMorgan Chase, Wells Fargo, Stuart Cole, Cole, Patrick Harker, Investors, Todd Vasos, Jeffery Owen, Shashwat Chauhan, Ankika Biswas, Saumyadeb Chakrabarty, Shounak Dasgupta, Anil D'Silva Organizations: New York Stock Exchange, REUTERS, Companies JPMorgan, Citigroup, Dow, Nasdaq, JPMorgan, Citi, Equiti, BlackRock, Federal Reserve Bank of Philadelphia, Dow Jones, Hamas, Dollar, Boeing, NYSE, Thomson Locations: New York City, U.S, Wells Fargo, Israel, Gaza City, Bengaluru

☆ Dollar General reappoints former CEO Vasos for second stint, cuts FY23 view
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

A view of a fresh food aisle at a Dollar General store in Norridge, Chicago, U.S., August 24, 2021. With Vasos' appointment, Dollar General hopes "to restore stability and confidence" in the company, whose stock has lost more than half its value so far this year. But for now, the company trimmed its annual sales and profit estimates for a third time, just over a month after it forecast a steep drop in annual profit and missed market expectations for second-quarter results. Vasos "is acutely aware of the challenges facing our business and the industry more broadly" Dollar General said, adding his appointment was effective immediately. It tightened the range of its annual net sales growth outlook to 1.5% to 2.5%, from a prior range of 1.3% to 3.3% growth.

Persons: Richa Naidu, Todd Vasos, Jeffery Owen, Vasos, Savyata Mishra, Maju Samuel, Shinjini Organizations: REUTERS, Thomson Locations: Norridge , Chicago, U.S, Bengaluru

☆ Economic policies sacrifice poor Americans
▼ + stars: | 2023-06-02 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

NEW YORK, June 2 (Reuters Breakingviews) - Dollar General (DG.N), the ultra-low-cost retailer with 19,000 stores reaching 75% of the U.S. population, has never been a comfortable reflection of the American consumer. That underscores troubling consequences of current U.S. economic policy: the poor are being sacrificed. Over the past two decades, dollar stores have upended how the cross section of the United States shops. In smaller towns, Dollar General and competitors including Dollar Tree (DLTR.O) offer cheap and accessible groceries. Reuters GraphicsIn the past week, U.S. Congress has continued to roll back policies that would help Americans with less to go around.

Persons: Jeffery Owen, Lululemon, Nordstrom, Ralph Lauren’s, Joe Biden’s, Lululemon Athletica’s, Erik Nordstrom, Jennifer Saba, Sharon Lam Organizations: YORK, Reuters, Dollar, Walmart, Shoppers, Reuters Graphics, Congress, Thomson Locations: United States

☆ We just got 2 alarming signals that an economic slowdown is upon us
▼ + stars: | 2023-06-02 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +4 min

Dollar General cut its profit estimate for 2023 on Thursday. The first of two jarring pieces of evidence comes in the form of first-quarter earnings from Dollar General. The fact that they're not immune to a broader pullback in consumer spending is a big red flag for the US economy. Speaking of which, a bit further up the affluence scale, Macy's turned in an earnings stinker of its own. The department-store giant offered disappointing second-quarter projections and — like Dollar General — slashed full-year projections.

Persons: It's, Macy's, —, Jeffery Owen, Kelly Dilts, it's, Jeff Gennette, Paul Tudor Jones, Larry Summers —, Target Organizations: Service, Dollar, Federal Reserve, Walmart, Target Locations: Wall, American

☆ Dollar General prunes annual outlook as shoppers curb spending; shares slide
▼ + stars: | 2023-06-01 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Low-cost retailers like Dollar General face stiff competition from bigger retailers like Walmart in the grocery and food business, which has lifted its annual outlook as it offers lower prices on groceries compared to rivals Target Corp (TGT.N). Shares of Dollar General were set for their worst day on record, if losses hold, as it also said an earnings decline would be "most significant" in the second quarter. The Tennessee-based company's gloomy outlook echoes disappointing results at its biggest rival Dollar Tree (DLTR.O) last week, which took a hit from slowing demand for non-essentials and elevated cost pressures. The company's first-quarter same-store sales and profit were also below analysts' average estimate as customers appeared to have reduced their spending budgets. Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai and Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Jeffery Owen, Michael Montani, Kelly Dilts, Savyata Mishra, Pooja Desai, Dhanya Ann Thoppil Organizations: General Corp, Walmart, Target Corp, Evercore ISI, Thomson Locations: The Tennessee, Bengaluru

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