Futures Pointing To Continued Weakness On Wall Street

(RTTNews) - After moving sharply lower over the course of the previous session, stocks are likely to see some further downside in early trading on Friday. The major index futures are currently pointing to a notably lower open for the markets, with the Dow futures down by 77 points.

A negative reaction to quarterly results from JP Morgan (JPM) is likely to weigh on the markets, with the financial giant falling by 3.8 percent in pre-market trading.

The pullback by JP Morgan comes after the company reported first quarter earnings that fell year-over-year and came in below analyst estimates. The company also reported weaker than expected revenues for the quarter.

The disappointing results from JP Morgan have added to concerns about the impending earnings season, which will really start to pick up steam next week.

On the other hand, mortgage giant Wells Fargo (WFC) recently reported stronger than expected first quarter earnings growth on slightly better than expected revenues.

The downward momentum on Wall Street also reflects the negative sentiment generated by yesterday's sell-off, which was partly attributed to concerns about the valuation of momentum stocks.

Meanwhile, traders have largely shrugged off a report from the Labor Department showing that U.S. producer prices rose by much more than expected in the month of March.