Banks Report Earnings Amid Cautious Outlooks; Stocks Decline on Mixed China Growth, UK Wage Slowdown, Mideast Tensions

Major U.S. banks like Bank of America and Morgan Stanley report earnings today, continuing the corporate earnings season. Results so far have shown a 6% earnings beat but outlooks are expected to be more cautious.

U.S. stock futures edged lower Tuesday, continuing recent weakness as investors digest earnings, rising yields and geopolitical tensions. The Dow fell almost 250 points Monday.

China's economy grew faster than expected at 5.3% year-over-year in Q1 2024, boosted by government stimulus measures. However, retail sales and industrial production missed expectations.

UK core wage growth slowed to 6% in February, down from 6.1%, the weakest rise since September 2022. This may ease Bank of England inflation concerns.

Oil prices steadied Tuesday after Iran's attack on Israel proved less damaging than feared. Focus now on potential Middle East escalation impacting supply.