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Big Bank earnings, stock futures, Chinese chips: 3 Things

JPMorgan Chase & Co. (JPM), Citigroup (C), and Wells Fargo (WFC) kick off earnings season for Big Banks, all topping their respective first-quarter earnings estimates. Investors are paying close attention to net interest income as major banks navigate the higher for longer interest rate environment.

Stock futures (^DJI, ^IXIC, ^GSPC) edge lower ahead of Friday's market open after markets digested this week's rollercoaster inflation data.

Lastly, Chinese officials issue warnings to their telecom providers to pivot away from using American-made semiconductor chips, according to the Wall Street Journal.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

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This post was written by Luke Carberry Mogan.

Video transcript

- Let's get to it with the three things that you need to know, your roadmap for the trading day. Yahoo Finance's Madison Mills, Jared Blikre, and Dan Howley have more.

MADISON MILLS: America's biggest financial firms kicking off first quarter earnings season. But we got a mixed picture here. JP Morgan, Wells Fargo, and Citigroup all posting better than expected results. But only Citi bringing in better than expected net interest income. And that is the key metric to watch because it shows us the profits that banks are raking in from charging higher interest rates in this higher for longer environment that we are in. Shares of JP Morgan and Wells Fargo were turning to the downside off of that news.

JARED BLIKRE: Plus stocks are poised to close lower after a roller coaster week. Markets pulled back and bond yields soared after a hotter than expected CPI report prompted investors to reassess expectations for Federal Reserve policy. And with big banks earnings in focus, tech has lost its winning ways from Thursday's close.

DAN HOWLEY: And Semis are off this morning. Chinese officials are warning their telecom carriers to do away with American chips by 2027. This is according to The Wall Street Journal. This would have direct impact on both Intel and AMD. Now shares of both companies are off more than 2%.