NEW YORK (
will be in the spotlight Wednesday as it becomes the first major U.S. bank to post first-quarter results.
is expected to post a profit of 64 cents a share on revenue of $26.47 billion, according to a poll of analysts by Thomson Reuters. Shares of JPMorgan fell in the aftermath of its last earnings report on Jan. 15, but have rallied more than 20% since early February.
will also report quarterly results before the start of trading Wednesday, and traders will likely still be sifting through the books on
, which will post earnings after Tuesday's closing bell.
After the end of trading Wednesday, earnings from
JB Hunt Transport Services
will be on tap.
Turning to the day's economic docket, separate reports on the consumer price index and retail sales for March will be posted at 8:30 a.m. EDT. Economists are expecting the CPI data to show a 0.1% increase on the headline number as well as the core figure, which excludes food and energy, an indication that inflation is tame on the consumer level.
Meanwhile, the government's retail sales data should show a 1.2% increase for last month. Excluding autos, economists expect retail sales to tick 0.5% higher in March.
At 10 a.m. EDT, the February read on business inventories will be released, followed 30 minutes later by the Energy Department's weekly crude inventories. Later, at 2 p.m. EDT, the
will release its beige book survey of economic conditions in the central bank's twelve districts.
In other Fed news, Chairman Ben Bernanke will appear before Congress to deliver his economic outlook. In addition, Cleveland Fed President Sandra Pianalto will speak at 9:30 a.m. EDT on the financial crisis, and Richmond Fed President Jeffrey Lacker will speak at 11 a.m. EDT. Later, Dallas Fed President Richard Fisher will offer his views on the financial crisis, followed by Fed Vice President Brian Sack at 7 p.m. EDT.
-- Written by Robert Holmes in Boston
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