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Bank earnings, stock futures, oil prices: 3 Things

Bank of America (BAC) and Morgan Stanley (MS) both topped their first-quarter earnings estimates with the major bank stocks rising ahead of Tuesday's market open.

US equity futures (^DJI, ^IXIC, ^GSPC) are ticking up in pre-market trading after all three of the market indices closed Monday lower.

Oil prices (CL=F, BZ=F) slip as investors wait to see if Israel will retaliate against Iran after the latter coordinated an air assault against Israeli military bases on April 13.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

This post was written by Luke Carberry Mogan.

Video transcript

- So let's get right to it with the three things that you need to know today, your roadmap for the trading session. Yahoo Finance's Madison Mills, Jared Blikre, and Ines Ferré have more.

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MADISON MILLS: Earnings from those major banks starting to wrap up this morning with Bank of America and Morgan Stanley. Let's start by taking a look at B of A beating expectations on net interest income. Remember, that Citi and Wells Fargo had missed on that critical data point, which measures how the banks are earning money from their loan payments.

Also a great morning for B of A's trading desk because the equities traders had one of their best quarters ever this morning. Now moving over to Morgan Stanley, profit increasing 14% from a year ago. Equities trading missing. What their rival Goldman Sachs had brought in mixed results across the board from all of these banks. And that points to a broader picture of the growing competition on Wall Street today.

JARED BLIKRE: And futures are edging higher this morning. Dow futures gaining on hopes of breaking it six straight day of losses. Stocks have come under pressure recently after earnings season got off to a lackluster start and hotter than expected inflation data that is raising concerns that rate cuts might not be coming anytime soon. San Francisco Fed President Mary Daly says the central bank is in no rush to cut.

INES FERRÉ: And oil prices are extending losses despite ongoing tensions in the Middle East. This comes after Iran launched an unprecedented air attack against military facilities in Israel Saturday night. Efforts by the US to encourage Israel not to retaliate appear to help settle nerves.