US STOCKS-Futures point to lower open on earnings, data

* BofA, Citi fall as earnings, revenue decline

* GE flat as profit rises, revenue weak

* Consumer prices fall for third straight month

* Futures: Dow down 48 pts, S&P off 4 pts, Nasdaq up 0.5

* For up-to-the-minute market news see [STXNEWS/US]
(Updates with CPI data)

By Ryan Vlastelica

NEW YORK, July 16 (BestGrowthStock) – U.S. stock index futures
pointed to a lower open on Friday after Citigroup and Bank of
America as well as bellwether GE posted disappointing revenues,
underscoring corporate America’s struggles against economic
headwinds.

Consumer prices fell for a third straight month in June,
suggesting sluggish domestic demand and subdued inflation
pressures. For details, see [ID:nN16242811]

“If you look at the producer price index yesterday and the
CPI today, it certainly looks like we’re entering a
deflationary period,” said Gary Shilling, president of an
investment research firm in Springfield, New Jersey. “More
people are getting concerned about this, and the Fed signaled
that it’s also pretty concerned.”

Conglomerate General Electric Co (GE.N: ), Bank of America
Corp (BAC.N: ) and Citigroup Inc (C.N: ) all reported
second-quarter earnings that beat expectations, but their
stocks slid after revenues fell from the prior year. The two
banks also posted declines in quarterly profits.
[ID:nN16144753] and [ID:nN16265934]

GE shares were little changed in premarket trading, while
Bank of America fell 4.2 percent to $14.75, and Citigroup was
down 1.7 percent at $4.09.

Citigroup’s results “reflect a significant improvement in
credit quality, but little in the way of identifying how
they’re going to go from that to revenue growth,” said Marshall
Front, chairman of Front Barnett Associates in Chicago.

The three major stock indexes have risen seven out of the
past eight sessions as a number of economic stalwarts,
including Intel Corp (INTC.O: ) and Alcoa Inc (AA.N: ) reported
strong results. Among the missteps, Google Inc (Read more about Google Stock Analysis)’s (GOOG.O: )
adjusted earnings missed expectations for the first time in two
years. The stock was down 4 percent to $474.49 before the bell.
[ID:nN15232993]

S&P 500 futures (SPc1: ) fell 4 points and were below fair
value, a formula that evaluates pricing by taking into account
interest rates, dividends and time to expiration on the
contract. Dow Jones industrial average futures (DJc1: ) fell 48
points, and Nasdaq 100 futures (NDc1: ) added 0.5 points.

In what could be a boost for the financial sector, Goldman
Sachs Group Inc (GS.N: ) climbed 4.2 percent to $151.35 after it
settled a U.S. civil case with the Securities and Exchange
Commission. [ID:nN15236037]

The preliminary Thomson Reuters/University of Michigan
Surveys of Consumers will be released at 9:55 a.m. EDT. (1355
GMT) It is expected to show sentiment edged slightly lower to
74.5 in July from June’s reading of 76.

U.S.-listed shares of BP Plc (BP.N: ) slid 1.1 percent to
$38.45 before the bell even as it said it had halted the spew
of oil into the Gulf of Mexico, at least temporarily.
[ID:nN15255571]

Stress tests on European banks should not reveal any
“catastrophes” but the reviews should be tough, the chairman of
euro zone finance ministers was quoted as saying.
[ID:nLDE66F0AZ]

The U.S. Congress approved the broadest overhaul of
financial rules since the Great Depression on Thursday and sent
it to U.S. President Barack Obama to sign into law.
[ID:nN15226910]

European stocks were flat on Friday as the U.S. earnings
offset strength in BP’s London-listed shares. Japan’s Nikkei
average (.N225: ) ended down nearly 3 percent as investors
worried the yen could rise further towards 15-year highs
against the dollar.

U.S. stocks (Read more about the stock market today. ) were lower for most of Thursday’s session,
though they later rebounded after the Goldman settlement and
BP’s success with its well.
(Additional reporting by Maria Aspan; editing by Jeffrey
Benkoe)

US STOCKS-Futures point to lower open on earnings, data