Stocks set to pull back from records
Stock valuations at levels never seen before: MacroMavens president
MacroMavens president Stephanie Pomboy discusses her outlook for the market throughout 2021, warning that a ‘disappointing’ economic rebound and inflation pressures may have a negative impact.
U.S. stock futures were pointing to small losses at Friday’s opening bell, putting the major averages on track to slip from record highs.
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Dow Jones Industrial Average futures were trading lower by 46 points, or 0.15%, while S&P 500 futures and Nasdaq Composite futures were weaker by 0.22% and 0.16%, respectively. All three of the major averages finished in record territory on Thursday.
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In stocks, Dow component Walt Disney Co. reported quarterly earnings and revenue that exceeded Wall Street estimates as its Disney+ streaming service added 21 million subscribers. Disney+ now has 94.9 million subscribers and the company believes it could reach 260 million users by 2024.
Expedia Inc. said full-year revenue fell 57% year over year as the COVID-19 pandemic snarled demand for travel bookings. Both quarterly earnings and profit were below Wall Street estimates.
Meanwhile, Bumble Inc. was in focus a day after soaring 64% in its Nasdaq debut. Shares of the dating-app developer settled at $70.31 apiece on Thursday after pricing at $43 the prior evening.
In deals, optoelectronic component maker II-VI Inc. is planning a nearly $6.5 billion bid for laser manufacturer Coherent Inc., according to a report from The Wall Street Journal. The offer, which would pay a mix of cash and stock equating to $260 per share, greater than offers made by MKS Instruments Inc. and Lumentum Holdings Inc.
Oil majors Chevron Corp. and ExxonMobil Corp. pulled back as West Texas Intermediate crude oil dipped 55 cents to $57.69 per barrel.
Elsewhere in commodities, gold lost $7.80 to $1,819 an ounce while silver ticked up 4 cents to $27.09 per barrel.
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European markets were mixed with Germany’s DAX 30 down 0.48% while Britain’s FTSE 100 and France’s CAC 40 were higher by 0.08% and 0.1%, respectively.
In Asia, Japan’s Nikkei 225 slipped 0.14%. China’s Shanghai Composite index and Hong Kong’s Hang Seng index were closed for the Chinese New Year.
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