Stock futures traded lower on Thursday following earnings beats from three big U.S. banks and after Donald Trump said the dollar was getting "too strong."
S&P 500 futures were down 0.3%, Dow Jones Industrial Average futures slipped 0.2%, and Nasdaq futures fell 0.26%. Stocks closed lower on Wednesday as geopolitical concerns dominated trading.
JPMorgan ChaseJPM reported first-quarter earnings of $1.65 a share on revenue of $25.59 billion, beating analysts' expectations. A year earlier, the bank earned $1.35 a share on revenue of $24.08.
Shares of JPMorgan were up almost 1% in premarket trading.
Citigroup and Wells Fargo also will report first-quarter earnings on Thursday. Bank of America (BAC) - Get Report and Goldman Sachs (GS) - Get Report will report next Tuesday, while Morgan Stanley (MS) - Get Report will report Wednesday.
"Financials should report the highest growth in earnings of all sectors, at 14.3%, on rising interest rates and capital markets," Brad McMillan, Commonwealth Financial Network's chief investment officer, wrote in a note. "Accelerating earnings growth is a very positive trend."
FactSet estimates that earnings will grow at 8.9% in the first quarter, which would be the "fastest growth in earnings on a year-on-year basis since the end of 2013, and well above what we have seen in the past two quarters," McMillan said.
The U.S. president, in an interview with The Wall Street Journal Wednesday, said the dollar was getting "too strong" and that he wouldn't declare China a currency manipulator. The dollar dropped shortly after Trump's comments were published but has since stabilized. Trump blamed the strong dollar on himself, saying it's his fault "because people have confidence in me."
Crude oil rose 0.15% to $53.19 a barrel, following declines the previous day after the Energy Information Administration's weekly status report showed that U.S. crude oil inventories declined by 2.2 million barrels last week, and OPEC said in its monthly oil report that production decreased by 153,000 barrels a day.
United Airlines (UAL) - Get Report shares were up slightly on Thursday after the company said it would offer compensation to all passengers on the flight where a passenger was violently dragged off a United plane for not voluntarily giving up his seat.
United sharesrose 0.03% in in premarket trading.
Berkshire Hathaway (BRK.A) - Get Report reduced its holdings in Wells Fargo, the company said Wednesday in a regulatory filing. Warren Buffett's company said it sold more than 7 million shares of the bank, which kept its ownership stake below 10%. The company said "in the near future" it would sell another 1.87 million shares.
On the economic front, weekly U.S. jobless claims will be released at 8:30 a.m. EDT, the Bureau of Labor Statistics will issue the producer price index for March at 8:30 a.m., and consumer sentiment for April will be released at 10 a.m.
Markets will be closed Friday as Wall Street takes a long Easter weekend.