U.S. stock futures slipped as investors weighed a wave a bank earnings and economic reports.
Bank of America reported a $5.2 billion quarterly loss and Morgan Stanley earnings declined, while Bank of New York Mellon reported a profit surge to $595 million and Wells Fargo swung to a $394 million profit. Elsewhere, IBM reported a stronger-than-forecast 9% rise in fourth quarter profits.
On the economic front, new housing starts fell by 4% to a seasonally adjusted rate of 557,000. Analysts were expecting starts to rise to 580,000. However, building permits, which give a sense of future home construction, rose 10.9% and the inventory of total houses under construction dropped to a record low last month. Separately, producer prices remained tame last month, rising 0.2%.
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