Stocks try to Dodge Losing Week, Futures Lower - InvestingChannel

Stocks try to Dodge Losing Week, Futures Lower

Stock futures were lower in early morning trading Friday as the S&P 500 tried to avoid another losing week amid busy earnings and rising bond yields.

Futures for the Dow Jones Industrials staggered 79 points, or 0.2%, to 34,630.

Futures for the S&P 500 doffed five points, or 0.1%, to 4,385.50.

Futures for the NASDAQ Composite Index gained 12.5 points, or 0.1%, to 13,740.75.

For this week, the Dow is up 1% and on pace to break a three-week losing streak. The S&P is up less than 0.1% on the week and attempting to break a two-week losing streak.

The NASDAQ, however, is down 1.3% week to date, on track to post its third negative week in a row.

Weighing on sentiment Thursday was Federal Reserve Chair Jerome Powell’s comment on the possibility of a larger-than-usual rate hike for next month.

Powell said during an International Monetary Fund panel that taming inflation is “absolutely essential” and a 50-basis-point hike is on the table for May.

Snap shares fell 3% in pre-market trading as the social media platform reported first-quarter revenue short of expectations even after showing strong growth in daily users.

Gap shares plunged 13% in premarket trading after the company announced the CEO of its Old Navy division, Nancy Green, is leaving the business this week. Gap also slashed its outlook for net sales growth in fiscal 2022.

American Express shares were down more than 1% premarket despite the company reporting quarterly earnings and revenue beats.

Verizon is slated to post results before the bell Friday.

In Asia, the Nikkei 225 in Japan sagged 1.6% Friday, while in Hong Kong, the Hang Seng index 0.2%.

Oil prices backpedaled $1.40 to $102.39 U.S. a barrel.

Gold prices lost $13.30 to $1,934.90 U.S.

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