NEW YORK (TheStreet) -- U.S. stock futures were sinking as a lackluster JPMorgan Chase (JPM) earnings report put another damper on the markets.
Dow Jones Industrial Average futures were down 77 points, or 63.22 points below fair value, to 16,033, S&P 500 futures were off 8.5 points, or 7.98 points below fair value, to 1,818.5, and Nasdaq futures were down 25.5 points, or 24.76 points below fair value, to 3,454.5.
JPMorgan Chase shares were down 3.83% in premarket trading after the bank reported that its first-quarter profit declined to $5.27 billion, or $1.28 a share, from $6.53 billion, or $1.59 a share, the same time last year as revenue fell to $23.86 billion. Analysts, on average, were expecting earnings per share of $1.40 on revenue of $24.5 billion.
Wells Fargo (WFC) was edging 0.82% higher after reporting first-quarter earnings of $1.05 a share vs. the average analyst's earnings estimate of 97 cents a share. Revenues matched expectations at $20.6 billion.
For the first quarter, analysts are expecting earnings for the S&P 500 to decrease 0.13% year-over-year, with EPS of $26.66, according to S&P Capital IQ. The sectors expected to be the biggest laggards this quarter are energy (-7.7%) and financials (-3.9%). Analysts anticipate that four sectors will post earnings growth in the first quarter, with telecom (40.8%) and consumer discretionary (8.0%) leading growth.
Birinyi Associates noted that while forecasts for index profits have been dropping, there are some individual names that analysts have been turning more bullish on. Birinyi has identified nine companies that analysts have been both upgrading and increasing their first-quarter EPS estimates on heading into earnings season: Alaska Air (ALK), Amgen (AMGN), Bristol-Myers Squibb (BMY), Chipotle Mexican Grill (CMG), Google (GOOGL), Restoration Hardware (RH), Raytheon (RTN), The Southern Company (SO), and U.S. Steel (X).