5 things to know before the stock market

Here are the most important news items that investors need to start their trading day.

1. Stocks point to higher open

Stock futures rose in premarket trading as investors digested the latest round of bank earnings. Markets are looking to bounce back after the Dow and S&P 500 finished down Thursday despite a late rally. The Nasdaq rose slightly. Traders remain wary of the coming wave of earnings reports, however, as consumers continue to spend big and hiring remains strong despite surging prices. Investors will also be watching for the June retail sales report, due at 8:30 a.m. ET and preliminary data for consumer sentiment in July at 10 a.m.

2. Wells Fargo and Citigroup report earnings

Another day, another set of big bank earnings. On Friday, Wells Fargo, echoing its bigger rival JPMorgan Chase, said its profit took a hit in the second quarter as it set aside more money to soften the blow from bad loans. The bank's revenue came in below analysts' expectations. Wells Fargo shares slipped in premarket trading. Citigroup, meanwhile, posted profit and revenuethat exceeded Wall Street projections. Citi CEO Jane Fraser said that "the positive drivers we saw in our two credit cards businesses over the last few quarters converted into solid revenue growth this quarter." Bank of America and Goldman Sachs are on deck to report before the bell Monday.

3. China GDP underwhelms

China's GDP in the second quarter grew only slightly compared with the year-ago period, reflecting the country's ongoing struggles with lockdowns intended to limit the spread of Covid-19. GDP rose 0.4%, below analysts' estimates of 1%. Industrial production growth in China for June also missed expectations, but retail sales climbed. The country's statistics bureau warned the Chinese economy could suffer from the "risk of stagflation in the world economy."

Pinterest's stock surged in off-hours trading after The Wall Street Journal reported that activist Elliott Management had taken a stake of more than 9% in the social media company. Shares of Pinterest had fallen 75% over the past 12 months as its global monthly active users dropped. This week's news comes after a shake-up last month at the top of Pinterest, when co-founder Ben Silbermann stepped down as CEO and was succeeded by former Google commerce executive Bill Ready.

4. Pinterest shares soar after report of Elliott stake

5. Manchin rejects Dems' tax, climate proposals