Wall Street stocks plummeted on Friday after the strong non-farm payroll data and wages report, which heightened fears on inflation and interest rates.
Big bank Wells Fargo (NYSE:WFC) closed down 1.18% on Friday and is likely to start lower today after the US's third largest lender was hit by the Federal Reserve.
The Fed's unprecedented slap at Wells Fargo may cost the bank more than $400M this year https://t.co/kJmzCQQy96
— CNBC (@CNBC) 4 February 2018
The Central bank put a company-wide ban on the group growing past the US$1.95trn in assets it held at the end of last year. This punishment will be lifted when Wells has shown it has improved its governance and controls. In pre-market deals, Wells shares are down 9.46% to US$58.01.
Elsewhere, chip maker Qualcomm (NASDAQ:QCOM) closed 1.09% lower at US$66.07 on Friday after it was reported that Broadcom Ltd (NASDAQ:AVGO) plans to announce an improved US$120bn offer for the firm.
In pre-market, Qualcomm shares are up 4.43% to US$69.
Elsewhere, USA Truck Inc (NASDAQ:USAK) saw shares accelerate over 24% to US$24.99 on Friday after the group posted upbeat fourth quarter results.
Its net income of US$14.8mln marked its second-straight profitable quarter.
Tech group Booz Allen Hamilton Holding Corporation (NYSE:BAH) is expected by analysts to unveil quarterly earnings of US$0.43 per share on revenues of US$1.52bn before the opening bell.
Booz Allen shares slipped more than 2% on Friday to close at US$38.66 each.