Retail sales rebound; JPMorgan beats; Amazon's publishing deal

Investors are turning their attention today to the latest read on the American consumer...and big bank earnings.

The Commerce Department reporting retail sales in March were up 0.9%, the first gain since November.  However, that was less of an increase than economists had predicted.

Yahoo Finance Senior Columnist Michael Santoli says the trend is causing the financial world to do some serious thinking.

"This is the fourth-straight month of lower-than-expected retail sales," he points out. "I think it's going to create broader questions about exactly what the momentum of the economy is going into the second quarter."

Stephen Wood, Chief Market Strategist at Russell Investments, tells Yahoo Finance we shouldn't worry too much, since the impact of low gasoline prices won't really be felt at the retail level until later in the year.

"We think a lot of the consumer spending related to the drop in energy prices is more back-end loaded, probably coming in the third or fourth quarter," he says. "So it's going to take a little while for the benefits to work their way throught the markets."

Meantime, earnings reports from two of the country's major banks are also on Wall Street's radar and are among the stocks the Yahoo Finance team will be tracking for you today.

Related: JPMorgan and Wells Fargo top estimates; Nokia/Alcatel-Lucent in talks

JPMorgan Chase (JPM) shares are slightly higher in early trading. The nation's largest bank by assets reporting earnings and revenue that topped analysts' estimates.  First quarter profit rose about 12% from a year earlier to nearly $6 billion as trading revenues improved thanks to volatility in currency and fixed income markets.

Wells Fargo (WFC) shares are also in the spotlight this morning. The nation's biggest mortgage lender reporting better-than-expected earnings and revenue in the first quarter. Revenue rose more than 3% from a year earlier as lower interest rates helped boost borrowing.  But profit fell from a year earlier as expenses increased and the bank set aside more money to cover bad loans.

Sticking with the earnings theme, we're also watching Johnson & Johnson (JNJ). The maker of Band Aids and medicines reporting a slight beat on both the top and bottom lines in the first quarter. However, the company says sales were lower because of a decline in overseas revenue caused by the strong dollar. And J&J expects currency issues will impact earnings for the year.

Intel (INTC) is set to report earnings after the close today. Analysts are looking for the Dow component to earn $0.41 share. Last month, the company cut its sales outlook for the first quarter by almost $1 billion to $12.8 billion, citing weak demand for PCs.

Nokia (NOK) U.S. ADRs are falling in early trading. The Finnish telecom provider confirmed it's in advanced talks to take over smaller French rival Alcatel-Lucent (ALU), but cautioned the deal could still fall apart. A combination of the two companies would help them better compete with bigger players in the industry. Nokia sold its mobile handset division to Microsoft (MSFT) last year to focus more on its telecom and broadband businesses.  Reports also surfaced on Friday that Nokia was looking to sell its map division.  Shares of Alcatel-Lucent are higher on the news in early trading.

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Amazon (AMZN) and News Corp-owned (NWSA) publisher HarperCollins have skirted a major showdown. The two companies reportedly reached an agreement which allows HarperCollins to set the retail prices of its digital books. The Wall Street Journal reports that the deal will go into effect this week.

General Electric (GE) is getting out of the banking business and going back into TV.  The company is developing a science-themed documentary show for 21st Century Fox's (FOX) National Geographic. The six part series will feature big name Hollywood directors such as Ron Howard.