Here’s what we’re watching before Friday’s trading gets underway.
- U.S. stock futures edged lower as investors assessed fresh waves of Covid-19 infections globally that could hamper global supply chains and drive up inflation.
- Futures tied to the S&P 500 ticked down 0.5%, a day after it closed at a record. Nasdaq-100 futures declined 0.7%, suggesting that technology shares may be among the weakest performers after the opening bell. Read our full market wrap here.
What’s Coming Up
- Earnings are due from Exxon Mobil, XOM 1.43% AbbVie ABBV -0.93% and Johnson Controls. JCI 0.29%
- U.S. personal income for March, due at 8:30 a.m. ET, is expected to climb 20% from the prior month and consumer spending is forecast to rise 4% from a month earlier.
- The personal consumption expenditures price index excluding food and energy for March, due at 8:30 a.m., is expected to rise 0.3% from a month earlier and 1.8% from a year earlier.
- The University of Michigan’s consumer sentiment index for April, due at 10 a.m., is expected to rise to 87.3 from a preliminary reading of 86.5.
Market Movers to Watch
- Amazon AMZN 0.37% reported record first-quarter results as demand remained strong for its e-commerce services and revenue continued to grow in its cloud-computing and advertising units. Shares ticked up 2.2% premarket.
- Shares in Twitter TWTR -0.93% fell 12% in off-hours trading as the social media company warned that user growth could cool in the coming quarters.
- Gilead Sciences GILD -0.93% shares slipped 2.5% premarket after it reported a mixed quarter late Thursday, with sales below Wall Street expectations.
- Western Digital WDC 0.75% ‘s shares jumped 5% premarket after the data-storage products company’s quarterly results and outlook topped Wall Street estimates.
- Shares of U.S. Steel X -3.31% edged down 0.8% premarket after the steel producer reported sales slightly below expectations
- First Solar FSLR -1.59% ticked up 0.5% premarket after the provider of solar modules said profit more than doubled in the first quarter as project-based sales jumped.
- Amazon’s stock price has risen less than 7% this year—lagging behind the Nasdaq, the S&P 500 and most major tech names.
- Government bond yields climbed world-wide after signs of accelerating U.S. economic growth prompted worries that inflation will rise more rapidly than expected. The yield on the 10-year German bund on Thursday rose to minus 0.178%, the highest since March 2020.
- On this day in 1999, Priceline.com, which had gone public at $16 a share exactly one month earlier, closed the day at $162.375—giving the tiny Internet company a one-month return of 914.84% and a total market value of $23 billion. But it was all downhill from there, as Priceline.com ended up trading for less than $6 per share by October 2000.
Chart of the Day
- BlackRock has signaled it is increasing its support for shareholder-led environmental, social and governance proposals.
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