Tomorrow's Headliners: Citi, BofA

The first big week of the second-quarter earnings season comes to a close Friday with Bank of America ( BAC) and Citigroup ( C), two of the largest U.S. banks, ready to report quarterly results.

Following earnings beats earlier this week from Goldman Sachs ( GS) and JPMorgan Chase ( JPM), BofA and Citi now fall under pressure as investors are hopeful the two banks will exceed expectations. It appears that some optimism has been baked into both stocks, as BofA and Citi shares are up 3% and 13% this week, respectively.

BofA will report before the start of trading, with analysts expecting a profit of 28 cents on revenue of $33.1 billion, according to Thomson Reuters. Citi will also report quarterly results before Friday's opening bell. Wall Street is forecasting a loss of 37 cents a share on revenue of $22.35 billion, according to Thomson Reuters.

Of course, it won't simply be about the two banks. Earnings from Dow component General Electric ( GE) are on tap for Friday, as are quarterly reports from BB&T ( BBT), Mattel ( MAT) and Marshall & Ilsley ( MI).

Investors will also be sifting through earnings from IBM ( IBM) and Google ( GOOG), both of which reported after Thursday's closing bell.

On the economic front, the lone report of the day comes from the Census Bureau, which will release housing starts and building permits data for June at 8:30 a.m. EDT. Housing starts are expected to increased to 523,000 from 518,000 in May, according to economists polled by Reuters, while building permits should slip to 530,000 from 532,000.

In other stock news, Dell ( DELL) will hold its annual shareholders meeting.

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