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Mixed Opening Seen For Wall Street

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U.S. stocks are likely to open on a mixed note on Tuesday, with investors tracking quarterly earnings reports from big banks and the developments on the Brexit front.

The Chinese government's steps to support the country's growth may help limit market's downside.

JP Morgan Chase (JPM) The bank reported a fourth-quarter profit of $7.07 billion, up from $4.23 billion a year ago. The bank said it posted a profit of $1.98 per share in the quarter, as compared to $1.07 in the year-ago quarter. However, the numbers fell short of expectations.

Wells Fargo (WFC) reported EPS of $1.21, beating expectations.

Bank of America (BAC) and Goldman Sachs (GS) are scheduled to report their earnings ahead of the opening bell on Wednesday.

On the economic front, data on producer prices for the month of December, is due at 8:30 AM ET.

The Empire State manufacturing survey report is also due at 8:30 AM ET.

In the currency market, the dollar is up against most major currencies. The dollar index was moving up 0.3 percent at 95.50.

On Monday, the major averages ended in negative territory, despite recovering well after a weak start. Concerns about the global economic outlook due to disappointing Chinese trade data contributed to the early weakness.

The Dow fell 86.11 points or 0.4 percent to 23,909.84, the Nasdaq slid 65.56 points or 0.9 percent to 6,905.92 and the S&P 500 dropped 13.65 points or 0.5 percent to 2,582.61.

Asian markets ended mostly higher on Tuesday with investors reacting positively to Citigroup's results and news about China's measures to counter slowing growth. The Chinese finance ministry said that it would implement larger tax and fee cuts to help reduce burdens for small firms and manufacturers and the central bank said that it would stick with its prudent monetary policy to support growth.

After opening on a firm note, most of the markets in Europe have turned easy today with traders looking ahead to the vote on Theresa May's Brexit deal.

It is widely expected that May will lose the vote, with some analysts predicting one of the biggest defeats for any British government.

In economic news from Europe, a report from Eurostat showed eurozone's merchandise trade surplus decreased strongly in November, as the growth in imports outpaced that of exports.

The trade surplus fell to EUR 19 billion from EUR 23.4 billion in the same month last year, the report showed. Exports increased 1.9 percent year-on-year and imports rose 4.7 percent. Trade within the euro area grew 1.5 percent year-on-year.

Meanwhile, in commodities, crude oil futures for February were hovering around $51.10 a barrel, gaining about 1.2 percent.

Gold futures for February were down $0.55, or 0.04 percent, at $1,290.75 an ounce.

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