U.S. stock futures edged higher Friday after four consecutive losses, buoyed by better-than-forecast results from tech giant Apple as a key jobs report loomed.
What’s happening On Thursday, the Dow Jones Industrial Average DJIA fell 287 points, or 0.86%, to 33128, the S&P 500 SPX declined 30 points, or 0.72%, to 4061, and the Nasdaq Composite COMP dropped 59 points, or 0.49%, to 11966.What’s happening On Thursday, the Dow Jones Industrial Average DJIA fell 287 points, or 0.86%, to 33128, the S&P 500 SPX declined 30 points, or 0.72%, to 4061, and the Nasdaq Composite COMP dropped 59 points, or 0.49%, to 11966.
What’s driving markets In a market gripped by concerns over regional banks, Apple AAPL helped shift attention, with a better-than-expected set of results, a 4% dividend hike, and a $90 billion extension on its stock buyback program. “The Apple share price hit its highest levels since August earlier this week and looks set to open higher when U.S. markets reopen later today, as it continues to set itself apart from the wider market turmoil being seen elsewhere,” said Michael Hewson, chief market analyst at CMC Markets UK.
The key nonfarm payrolls report is due at 8:30 a.m. Eastern, as the Fed said it’s shifting to a data-dependent mode in determining whether to hike interest rates more. “Today’s report for April is the first of two labor market updates before the June announcement that will be critical in determining whether the ‘pause’ goes ahead,” said Rhys Herbert, senior economist at Lloyds Bank.
Attention also will be on regional banks, after PacWest Bancorp’s PACW stock was cut in half on Thursday as Western Alliance Bancorp WAL shares fell 38%. The American Bankers Association called on the Securities and Exchange Commission to examine what it called abusive short-selling practices.
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