Jake Novak's Morning Business Briefing 1/15

STOCKS/ECONOMY

-Stock futures are strongly higher after Tuesday's 221-point gain for the Dow, smaller 0.1 percent rise for the S&P 500, and a 0.2 percent loss for the Nasdaq. Investors are responding positively to the second promising inflation report in two days and strong bank earnings reports.

-That consumer price index report for December came in at 0.3 percent as expected, but investors are focusing on the core inflation report which excludes food and energy prices. That came in at an annual rate of 3.2 percent when 3.3. percent was what economists were expecting.

-The yield on the 10-year Treasury bond is down to 4.65 percent in response to that inflation report as well.

-Gold is up to the $2,713 per ounce level. Bitcoin is up to the $98,700 level.

-Asian markets closed mixed today. The Hang Seng rose 0.3 percent, the Nikkei fell 0.1 percent, and the Shenzhen sold off by 1 percent.

OIL/ENERGY

-U.S. crude prices are up and at the $78 a barrel level.

-Gasoline prices are up to $3.08 a gallon, national average.

EARNINGS SCORECARD

-JPMorgan Chase (JPM reported better than expected quarterly profits and revenues, including a 50 percent profit increase from a year ago. Its shares are up 2 percent in the premarket.

-Citigroup (C) reported better than expected quarterly profits and revenues. It also announced a $20 billion share buyback. Citigroup shares are up 5 percent in the premarket.

-Wells Fargo (WFC) reported better than expected quarterly profits, weaker than expected revenues, and better than expected forward guidance. Its shares are up 5 percent in the premarket.

-Goldman Sachs (GS) reported much better than expected quarterly profits, and better than expected revenues. Its shares are up 4 percent in the premarket.

EV MANIA

-General Motors (GM) has signed a multibillion-dollar deal with Norway’s Vianode for the delivery of a material for electric vehicle batteries. GM shares are up 2 percent in the premarket.

Dow is up 600 points

core inflation

massive bond rally down to 4.66 %

another driver is bank earnings… all good