Here are the most important news, trends and analysis that investors need to start their trading day:
- Stocks are set to continue to rebound from the week’s losses
- Retail sales data on deck
- Disney shares fall after subscriber and revenue miss
- Dogecoin rallies after Elon Musk tweet, Coinbase listing
- CDC says fully vaccinated people don’t need to wear masks
1. Stocks are set to continue to rebound from the week’s losses
Futures contracts tied to major stock indexes jumped in early trading Friday as Wall Street is set to rebound for a second day after starting the week with big losses. Dow Jones Industrial Average futures climbed 150 points. S&P 500 futures gained 0.6%. Futures on the tech-heavy Nasdaq 100 Index, the relative underperformer this week, popped 1%.
All three benchmarks are still on pace to post sharp losses for the week, with the Dow down 2.2% and the S&P shedding 2.8%. Tech stocks have been hit especially hard amid hotter-than-expected inflation data, pulling the Nasdaq down 4.6% for the week.
2. Retail sales data on deck
Another important data point, U.S. retail sales for April, is set to be released Friday at 8:30 a.m. ET. Economists polled by Dow Jones are expecting a rise of 0.8% last month, a drastic slowdown from a 9.8% surge in March. Sporting goods, clothing and food and beverage led the gains in spending in March and contributed to the best month for retail since the May 2020 gain of 18.3%, which came after the first round of stimulus checks.
3. Disney shares fall after subscriber and revenue miss
Shares of Disney declined more than 3% in premarket trading Friday, a day after the media giant reported weaker-than-expected revenue and streaming subscribers. Disney's fiscal second-quarter revenue came in at $15.61 billion, versus $15.87 billion expected in a Refinitiv survey. The company also missed on subscriber estimates for Disney+, coming in at 103.6 million paid subscribers. It was expected to post 109 million, according to FactSet.
4. Dogecoin rallies after Elon Musk tweet, Coinbase listing
Dogecoin's price jumped Friday after a tweet from supporter Elon Musk and as Coinbase said it would list the meme-inspired cryptocurrency. The price of dogecoin rose to an intraday high of around 56 cents, according to data from Coin Metrics. However, it's still down about 20% from a record high of nearly 67 cents only a week ago. Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions. Also Thursday, crypto exchange platform Coinbase said it would offer dogecoin support in the next six to eight weeks.
5. CDC says fully vaccinated people don’t need to wear masks
Fully vaccinated people no longer need to wear a mask or stay 6 feet away from others in most settings, whether outdoors or indoors, the Centers for Disease Control and Prevention said in updated public health guidance released Thursday. People will still need to wear masks in a health-care setting or at a business that requires them even if they've had their final vaccine dose two or more weeks ago, CDC Director Dr. Rochelle Walensky told reporters. Fully vaccinated people will also still need to wear masks on airplanes, buses, trains and other public transportation, she said.
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