U.S. stock futures were mixed on Friday, mirroring the moves on Thursday, with the Nasdaq 100 and S&P 500 indexes declining, while futures tied to the Dow Jones Industrial Average (DJIA) edged up.
On the macroeconomic data front, the Personal Consumption Expenditures (PCE) Index came in hottest since October 2023, while the first-quarter (Q1) GDP was revised upward to 2.1% from 1.7% in the third estimate released by the Bureau of Economic Analysis.
The 10-year Treasury bond yielded 4.378%, and the two-year bond was at 4.094%. The CME Group’s FedWatch tool‘s projections show markets pricing a 72.2% likelihood of the Federal Reserve leaving the current interest rates unchanged during July’s meeting.
| Index | Performance (+/-) |
| Dow Jones | 0.14% |
| S&P 500 | -0.40% |
| Nasdaq 100 | -0.46% |
| Russell 2000 | 0.03% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Friday. The SPY was down 0.51% at $730.53, while the QQQ declined by 1% to $709.20.
Stocks In Focus
Apogee Enterprises
- Apogee Enterprises Inc. (NASDAQ:APOG) rose 2.4% in Friday’s pre-market session ahead of its quarterly earnings. Apogee is expected to post earnings per share of $0.45 on revenue of $333.84 billion, according to data from Benzinga Pro.
- Benzinga’s Edge Stock Rankings indicate that APOG maintains a strong price trend in the short, long, and medium terms, with a moderate growth score.
Synaptics
- Synaptics Inc. (NASDAQ:SYNA) announced a definitive agreement with ON Semiconductor Corp. (NASDAQ:ON) to combine their businesses. Synaptics shares were up 5.56% in pre-market trading.
- Benzinga’s Edge Stock Rankings indicate that SYNA maintains a strong price trend in the short, long, and medium terms.
Beyond Air
- Beyond Air Inc. (NASDAQ:XAIR) is expected to post a loss of $0.57 per share on revenue of $2.3 million ahead of Friday’s opening bell, according to data from Benzinga Pro. Beyond Air shares were up 3.12% pre-market.
Apple
- Apple Inc. (NASDAQ:AAPL) shares edged up by 0.14% in Friday’s pre-market trade after falling 6.15% on Thursday. Apple is in focus after the company announced price hikes across its product lineup due to rising memory and storage costs.
- Benzinga’s Edge Stock Rankings indicate that AAPL maintains a strong price trend in the short, long, and medium term, with a good quality score.
Cineverse
- Cineverse Corp. (NASDAQ:CNVS) shares rose 4.1% in Friday’s pre-market trading ahead of the company’s quarterly results due before the opening bell. According to Benzinga Pro data, Cineverse is expected to report a loss of $0.01 per share on revenue of $21.86 million.
- Benzinga’s Edge Stock Rankings indicate that CNVS maintains a strong price trend in the short and medium terms, with a weak trend in the long term.
Cues From Last Session
Most sectors on the S&P 500 closed on a negative note, with industrials, health care and materials recording the biggest gains on Thursday. However, consumer discretionary, consumer staples and communication services declined.
| Index | Performance (+/-) | Value |
| Dow Jones | 0.14% | 51,920.62 |
| S&P 500 | -0.01% | 7,527.49 |
| Nasdaq Composite | -0.46% | 25,358.60 |
| Russell 2000 | 0.71% | 3,007.86 |
Insights From Analysts
Analysts at Schwab Center for Financial Research (SCFR) said investors remain focused on whether strong earnings from Micron Technology Inc. (NASDAQ:MU) are enough to revive confidence in AI-related stocks.
While the memory chipmaker’s results boosted semiconductor shares, the firm said concerns persist around the returns on massive AI investments, crowded positioning in chipmakers and hyperscalers, and the possibility of slowing compute demand.
SCFR’s Chief Investment Strategist Liz Ann Sonders said one strong earnings report is unlikely to negate the factors behind the recent unwind in AI stocks.
At the same time, the firm noted that improving market breadth and rotation into sectors such as industrials, health care and energy suggest investors are broadening beyond mega-cap technology.
On the macro front, SCFR’s head of fixed income research and strategy, Collin Martin, said May’s inflation data likely gives the Federal Reserve room to remain patient. While the latest PCE report matched expectations, Martin said policymakers now have time to assess how inflation evolves over the coming months before making their next rate decision.
Upcoming Economic Data
Here’s what investors will be keeping an eye on Friday.
- May’s advance economic indicators report, along with May’s wholesale and retail inventories data, will be out by 8:30 a.m. ET.
- June’s final University of Michigan consumer survey data will be released by 10:00 a.m. ET.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 2.21% to hover around $70.33 per barrel.
Gold Spot U.S. Dollar was flat at 0.01% to hover around $4,027.475 per ounce. The U.S. Dollar Index spot was 0.02% lower at the 101.41 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 2.08% lower at $60,490.12 per coin, as per the last 24 hours.
Asian markets closed lower on Friday, as Hong Kong’s Hang Seng, Japan’s Nikkei 225, China’s CSI 300 and South Korea’s Kospi indices declined. European markets were lower in early trade.
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