Futures retreat; main indexes on track for weekly gains

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(Reuters) – U.S. stock index futures retreated on Friday as investors hit pause after a barrage of strong earnings and upbeat economic data through the week drove the benchmark S&P 500 index to record levels.

A rally in shares of big technology companies following their impressive results has put all three major indexes on track for weekly gains, while setting up the Nasdaq index for a sixth straight month of increase.

The S&P 500 and Dow Jones Industrial Average are also on course for their third straight monthly gains.

Amazon.com Inc (NASDAQ:AMZN) rose 2.3% in premarket trading after posting record profits and signaling that consumers would keep spending in a growing U.S. economy and converts to online shopping are not likely to leave.

Twitter Inc (NYSE:TWTR) plunged 12.7% as it offered tepid revenue forecast for the second quarter, saying user growth could slow as the boost seen during the coronavirus pandemic fizzles.

Other high-flying stocks, including Facebook Inc (NASDAQ:FB), Alphabet (NASDAQ:GOOGL) Inc, Apple Inc (NASDAQ:AAPL) and Netflix Inc (NASDAQ:NFLX), fell between 0.9% and 1.8%.

Data on Friday is expected to show U.S. consumer spending likely jumped 4.1% in March after slipping 1% in February, with the core PCE index, the Federal Reserve’s preferred inflation measure, also expected to rise last month.

At 6:52 a.m. ET, Dow e-minis were down 180 points, or 0.53%, S&P 500 e-minis were down 27.25 points, or 0.65%, and Nasdaq 100 e-minis were down 116 points, or 0.83%.

Chevron Corp (NYSE:CVX) shed 2.0% after its first-quarter profit fell 29%, hit by weaker refining margins and production losses.

Gilead Sciences Inc (NASDAQ:GILD) fell 2.8% after its first-quarter revenue fell short of Wall Street estimates as the coronavirus pandemic hurt sales of its flagship HIV and hepatitis C drugs.