US Stock Futures Fall As Hectic Earning Week Ends

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US stock index futures were down on Friday as one of the busiest weeks of the first-quarter earnings reporting season draws to a close and investors weigh in on the highly successful results of e-commerce giant Amazon.com Inc China and Europe. What are the main landmarks doing? Dow Jones YM00 industrial average futures, -0.49%, fell 161 points, or 0.5%, to 33,790. S&P 500 ES00 futures, -0.60%, were down 23.65 points, or 0.6%, at 4,179.75. Nasdaq-100 NQ00 futures, -0.78%, lost 98.50 points, or 0.7%, to trade at 13,855. On Thursday, the S&P 500 SPX, + 0.68% posted a record close, up 0.7%, while the Dow DJIA, + 0.71% advanced 239.98 points, or 0.7%, and the Nasdaq Composite COMP, + 0.22% lagged behind, barely a 0.2% profit. Major benchmarks stayed on track for solid monthly gains.

What drives the market? Global equities were weaker, and analysts pointed to signs of weaker manufacturing and services activity in China and a recession in Europe. China’s official manufacturing purchasing managers index fell to 51.1 in April from 51.9 in March, according to data released Friday by the National Bureau of Statistics. The reading was much lower than the median forecast of 51.6 expected by economists surveyed by The Wall Street Journal, but remained above the 50 level, marking an expansion in activity. The eurozone economy contracted in early 2021 for the second consecutive quarter, entering its second technical recession in a year. Investors, meanwhile, were reviewing earnings, including the highly successful results from Amazon.com and disappointing user numbers from Twitter Inc.The avalanche of earnings last week included largely positive results from the most tech companies. greats of the world. “A key message from many of these tech companies is that the world is on the move again, with companies investing in areas like technology and advertising, and that consumers are spending,” said Russ Mold, chief investment officer at AJ Bell, at a note. “This is fine for now, but when summer rolls around, the market will be looking to 2022 and beyond and thinking more seriously about interest rate hikes following the economic recovery. That threatens to test investor optimism, ”he said. Personal income and spending data for US consumers Expires at 8:30 AM ET. Personal income is expected to rise 20% after a 7.1% drop in February, while spending increases 4% after a 1% drop in February. Core inflation is expected to rise 0.3%. The Employment Cost Index for the first quarter will also be released at 8:30 am and is expected to show an increase of 0.7%, matching the increase seen in the fourth quarter. The Chicago Purchasing Managers Index for April will be released at 9:45 a.m., while a final reading of the April Consumer Confidence Index from the University of Michigan is scheduled for 10 a.m. Amazon.com Inc. AMZN, + 0.37% shares rose 2.4% in premarket shares after the company announced on Thursday night a second straight quarter of more than $ 100 billion in sales and predicted a third in the road. Shares of Twitter Inc. TWTR, -0.93% fell almost 13% after the social media platform reported a rise in quarterly revenue due to strong ad sales, but saw the number of users did not meet expectations. US Steel Corp. X, -3.31% reported sales slightly below expectations and moved to a GAAP profit. The steelmaker’s shares fell 2.7%. KLA Corp. KLAC, + 0.47% shares fell 2.3% after the lower end of the company’s earnings outlook range fell short of Wall Street’s average estimate despite quarterly results They exceeded expectations. The company makes the instruments foundries use to make the silicon wafers that are made into chips. Chevron Corp. CVX, shares of + 1.60% fell 2.7% after the oil and gas giant posted a first-quarter profit on Friday that beat expectations, but revenues fell short amid the continued weakness in volume and margin downstream due to COVID. 19 pandemic and winter storm Uri.