Stock Market Update

The stock market is on pace to open the session flat as investors parse earnings reports from several leading financial companies. The S&P 500 futures trade roughly in-line with fair value with little pressure from sellers despite it being overbought on a short-term basis. 

JPMorgan Chase (JPM 138.50, +1.30, +1.0%) and Citigroup (C 81.01, +0.36, +0.5%) beat top and bottom-line estimates, while Wells Fargo (WFC 50.65, -1.46, -2.8%) missed top and bottom-line estimates. Delta Air Lines (DAL 61.70, +2.21, +3.7%) for its part exceeded profit expectations. 

In notable analyst recommendations, shares of Apple (AAPL 316.40, -0.56, -0.2%) were downgraded to Underweight from Neutral at Atlantic Equities on a view that upside potential from the 5G cycle is now priced in. Wynn Resorts (WYNN 149.00, +1.79, +1.2%) has been added to Goldman Sachs' Conviction Buy List.