US Q3 earnings season gets underway with some Big banks reporting- S+P 500 futures off earlier lows

The first of the big US banks reporting their Q3 earnings results has gotten underway this afternoon. We have had earnings from JP Morgan (JPM) and Wells Fargo (WFC) and both have beaten most analysts forecasts on the top and the bottom line, although WFC did slightly miss on revenue. In that respect it was an almost $2 billion beat from JPM but that has not exactly fed through into the Dow Jones futures ahead of the opening and the reason for that is probably due to the proximity of the PPI data. WFC is not in the Dow Jones; it is an S+P 500 component. Earlier we also had earnings from BNY Mellon (BK), which also beat on the top and the bottom line and that is also an S+P 500 component.The index was priced to reopen as low as 5,770 after closing last night at 5,780, so the futures price was not exactly falling out of bed anyway. It is currently priced to open much closer to where it closed yesterday