Stock market news live updates: Stock futures point higher as stocks look to claw back some losses
Stock futures rose Friday morning after another volatile session a day earlier sent the three major indices tumbling anew.
Tech stocks resumed their selloff, and the Nasdaq dropped 2% on the day to underperform against the S&P 500 and Dow on Thursday. The three major indices have now fallen in four of the last five sessions, pressured by an ongoing rout in some of their most heavily weighed big tech shares. The information technology and energy sectors lagged in the S&P 500, and US crude oil prices settled 2% lower, also resuming their downward trend after a brief rebound rally on Wednesday.
AMZN), Apple (AAPL) and Netflix (NFLX) shares were each slightly higher in pre-market trading, after falling at least 2.8% each during the regular session on Thursday.
PTON) jumped more than 12% after the connected fitness company topped fourth-quarter expectations and grew revenue 170% over last year, as demand for the firm’s at-home fitness equipment exploded during the pandemic. Oracle (ORCL) also reported a solid top-line beat, with demand for its cloud-computing services seeing strong uptake as more individuals work and go to school from home.
KR). On the the economic data front, the Labor Department is set to release its August consumer price index (CPI). The report is expected to show a 0.3% month-on-month increase in prices paid by consumers, as companies regain pricing power following the worst points of the pandemic.
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7:32 a.m. ET: Peloton shares extend gains to 13% in early trading, after 4Q results top expectations
Peloton’s overnight gains extended to 13% in early trading Friday morning, as investors considered the company’s much stronger than expected fourth-quarter results and guidance.
Sales grew 16% quarter-over-quarter and 172% year-over-year, as the company’s connected fitness subscribers grew to a bigger than expected base of 1.09 million. Full-year revenue will likely be between $3.50 billion and $3.65 billion, Peloton said, or well above consensus expectations for $2.74 billion.
“Peloton reported strong F4Q20 results ahead of heightened expectations, as the extended COVID-19 recovery in the U.S. drove continued robust demand for the company’s hardware and subscription offerings. Peloton also delivered material EBITDA upside driven by revenue upside, better gross margins, and opex leverage,” Raymond James analyst Aaron Kessler said in a note. “We see continued runway for Peloton to increase its share of connected fitness spend as more products become available to more consumers at expanded price points, and see potential for continued outperformance into FY21.”
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7:19 a.m. ET Friday: Stock futures point to a higher open as stocks look to recuperate some losses
Here were the main moves in markets, as of 7:19 a.m. ET:
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S&P 500 futures (ES=F): 3,367.75, up 27.25 points or 0.82%
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Dow futures (YM=F): 27,736.00, up 191 points or 0.69%
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Nasdaq futures (NQ=F): 11,267.5, up 89.25 points, or 0.8%
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Crude (CL=F): +$0.03 (+0.08%) to $37.33 a barrel
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Gold (GC=F): -$8.40 (-0.43%) to $1,955.90 per ounce
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10-year Treasury (^TNX): +1 bp to yield 0.694%
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6:11 p.m. ET Thursday: Stock futures open slightly higher after selloff
Here were the main moves in equity markets, as of 6:11 p.m. ET:
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S&P 500 futures (ES=F): 3,346.00, up 5.5 points or 0.16%
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Dow futures (YM=F): 27,593.00, up 48 points or 0.17%
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Nasdaq futures (NQ=F): 11,205.25, up 27 points or 0.24%
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