US economy is ‘rocket ship’ with more room to run: Brenberg
The King’s College in Manhattan business professor Brian Brenberg argues that the unemployed relying on the government will cause economy ‘tremendous harm.’
U.S. stock futures were under modest selling pressure Friday morning as investors dissected another batch of earnings that included Amazon’s blowout quarter.
Dow Jones Industrial Average futures were lower by 147 points, or 0.43%, while S&P 500 futures and Nasdaq 100 futures were weaker by 0.51% and 0.66%, respectively. Both the S&P and the Nasdaq finished at record highs on Thursday after data from the Commerce Department showed the U.S. economy grew faster than expected during the first three months of the year.
In stocks, Amazon Inc. reported quarterly sales surged 44% year over year as consumers continued to shop from home amid the pandemic. The company’s second-quarter sales guidance exceeded Wall Street estimates.
Twitter Inc. shares were sharply lower after the social-media company reported daily active user totals that fell short of analysts’ expectations and provided disappointing revenue guidance for the current quarter.
Elsewhere in tech, Apple Inc. distorted competition in the music streaming market, the European Union said Friday in a preliminary ruling. The tech giant, which could face a fine of as much as $27 billion, must respond to the EU in writing or at an oral hearing.
Meanwhile, Chevron Corp. announced quarterly profit fell 29% versus last year as winter storms resulted in reduced production and lower margins. The company also suffered as asset and tax benefits realized a year ago were no longer applicable.
Clorox Co. reported mixed quarterly results and trimmed its fiscal 2021 earnings forecast due to higher manufacturing, commodity and logistics costs.
On Saturday, the Warren Buffett-led Berkshire Hathaway Inc. will hold its annual shareholder meeting with investors on the lookout for the company’s succession plans.
In commodities, West Texas Intermediate crude oil fell $1.22 to $63.79 per barrel and gold ticked up $1.30 to $1,769.60 per ounce.
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Overseas markets were mostly lower.
In Europe, France’s CAC 40 slid 0.34% and Britain’s FTSE 100 lost 0.11% while Germany’s DAX 30 rose 0.07%.
Asian markets finished weaker across the board with Hong Kong’s Hang Seng index falling 1.97%, Japan’s Nikkei 225 declining 0.83% and China’s Shanghai Composite sinking 0.81%.
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