Wall Street indexes are poised for gains to close out a multiple-record-setting week. Here’s what we’re watching as Friday’s trading gets going.
- U.S. stock futures edged higher, putting the S&P 500 on track to close out its best week in more than two months amid renewed confidence in the global economic expansion.
- Futures for the S&P 500 ticked up 0.1% a day after the broad stocks gauge posted a record closing high for the 30th time in 2021. Contracts for the Dow Jones Industrial Average rose 0.3% and futures on the technology-heavy Nasdaq-100 advanced 0.1%. Read our full market wrap.
What’s Coming Up
- Consumer spending figures for May, due at 8:30 a.m. ET, are expected to notch an increase.
- Earnings are due before the open from
- The University of Michigan’s final consumer survey for June is due at 10 a.m.
Market Movers to Watch
shares are sprinting higher, up 13% premarket after the sneaker giant reported sales for the May quarter that nearly doubled from the year-ago period.
shares put the pedal to the metal with a 5.5% premarket jump after the used-car retailer blew past earnings estimates for its fiscal first quarter.
delivered some tough news to investors: The company said it would boost capital spending by 22% this year to add capacity to its network, after a surge in e-commerce packages caused ground delivery delays. Shares were down 3.8% ahead of the bell. Rival
United Parcel Service
also pulled back 1.3%.
ticked down 1.7% in off-hours trading. The business software company provided a disappointing quarterly outlook, though it otherwise topped expectations.
shares got a ratings upgrade from Jefferies, which also lifted its price target for the stock. Its shares added 3% premarket.
- The S&P 500 Value index is down 1.9% this month, on track for its worst month since October, as investors have piled into growth stocks, reversing a monthslong trend.
- The KBW Nasdaq Bank Index is up about 28% this year, more than double the S&P 500’s 13.5% gain. The Federal Reserve on Thursday said it would end temporary limits on dividend payments and share buybacks after U.S. banks performed well in annual stress tests.
- On this day in 1974, Texas Instruments and three of its key engineers, Jack S. Kilby, Jerry D. Merryman, and James H. VanTassel, received U.S. Patent No. 3,819,921 for their hand-held aluminum calculator. The gizmo was 1 3/4” thick and weighed 2 lbs., 13 oz. It could add, subtract, multiply, and divide, and sold for between $84.95 and $119.95.
Chart of the Day
- In a year of twin crises related to the collapse of clients Archegos and Greensill,
had a booming blank-check business to fall back on. That has now slowed dramatically.
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