Stock Futures Steady as Debt Ceiling Deal Awaited

NEW YORK ( TheStreet) -- Stock futures were little changed Friday following Thursday's big surge as signs of constructive discussions in Washington bolstered confidence the government won't allow the U.S. to default on its debt obligations.

Futures for the S&P 500 were down 1.25 points, or 2.86 points below fair value, to 1,683.75 after the benchmark's biggest jump since Jan. 2.
Futures for the Dow Jones Industrial Average were unchanged, or 20.07 points below fair value, to 15,033. Futures for the Nasdaq were down 0.25 points, or 9.64 points below fair value, to 3,193.25.

Wells Fargo (WFC) beat third-quarter earnings expectations as the nation's fourth largest bank by assets was able to grow its earnings for a 15th consecutive quarter. Marty Mosby, a banking analyst at Guggenheim Securities said the bank will continue to show sequential growth in its earnings per share and that while he expects Wells Fargo's mortgage origination activity to drop substantially from second-quarter levels, those declines will likely be offset by expense reductions and credit quality. Shares were slipping 2.03% to $40.50.

Excluding one-time items, JPMorgan (JPM) reported $5.8 billion in net income, or $1.42 in earnings per share, which beat bottom-line profitability estimates of $1.30. The bank's $23.9 billion in revenue fell slightly short of consensus Wall Street forecasted closer to $24 billion, according to Bloomberg data. Shares were up 1.1% to $53.10.

Johnson & Johnson (JNJ) shares were gaining 0.82% to $88.50 after Goldman Sachs upgraded shares to "neutral" from "sell" and raised the price target to $95 from $87 saying that the company's pharmaceutical business has exceeded expectations this year driven by the strong launches of treatments Xarelto, Invokana, and Zytiga.

Chipotle Mexican Grill (CMG) was up 0.72% to $439.01 after Janney Capital raised shares to "buy" from "neutral" with a $525 price target following checks indicating third-quarter same-store sales growth of 5.8% compared with the Wall Street target of 4.6%. Janney also cited ample opportunities for the company to expand its breakfast offerings, lower 2014 commodity costs, and customer satisfaction.

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