Good morning! For Friday, May 22, here are your U.S. stock futures, top market news, earnings reports, pre-market movers, and stocks to watch in the stock market today...
Although both the Dow Jones and the S&P are hovering near record levels, investors can expect lower volumes today as the Memorial Day holiday approaches and the quarterly earnings season ends.
On Thursday, the DJIA Index ticked upward thanks to earnings reports and expectations that the Federal Reserve will not raise interest rates until next year. The S&P 500 hit yet another record.
Top News in the Stock Market Today
The Stock Market Today: In addition to Yellen's speech, investors today will keep their focus on U.S. economic data, which includes the Consumer Price Index.
Earnings Reports: Companies reporting earnings this morning include Foot Locker Inc. (NYSE: FL), Hibbett Sports Inc. (Nasdaq: HIBB), Campbell Soup Co. (NYSE: CPB), and ANN Inc. (NYSE: ANN).
Oil Prices Today:Oil prices were sluggish this morning, ahead of the weekend that kicks off driving season in the United States. WTI crude futures for June fell 0.8% this morning to hit $60.22 per barrel. Meanwhile, Brent oil was down 1.1% to hit $65.81 per barrel.
Pre-Market Movers in the Stock Market Today: HPQ, DE, BBRY
Pre-Market Movers 1 - HPQ: Shares of the Hewlett-Packard Co. (NYSE: HPQ) were on the rise this morning after the company beat Wall Street earnings estimates, but the world's second-largest PC manufacturer offered a cautious outlook for the road ahead. The hardware giant said it had per-share earnings of $0.87, besting Wall Street expectations by a penny. It also announced plans to sell controlling 51% stake in its China-based data-networking company to China's Tsinghua Unigroup for roughly $2.3 billion.
Pre-Market Movers 2 -BBRY: Shares of BlackBerry Ltd. (Nasdaq: BBRY) were up more than 3% on news that the tech firm plans to purchase roughly 2.6% of outstanding shares in a buyback program. The company said it is engaging in the buyback plan to offset any negative impact of an employee-stock-purchase plan that is poised to go into effect.
Pre-Market Movers 3 -DE: Shares of Deere & Co. (NYSE: DE) jumped more than 3.4% this morning after the company reported positive quarterly earnings. The heavy equipment maker reported per-share quarterly earnings of $2.03, well ahead of Wall Street's projections of $1.55. Deere had a small downturn in revenues, but outpaced expectations given significant weaknesses in the global agricultural sector.
Stocks to Watch Today: EXPE, CTRP, AMZN
Stocks to Watch No. 1: EXPE: Global travel operator Expedia Inc. (Nasdaq: EXPE) said it has sold its 62.4% stake in China travel site eLong. The firm sold its shares of $671 million to a consortium of buyers that included Ctrip.com International Ltd. (Nasdaq ADR: CTRP). Shares of CTRP were up more than 5% on news of the deal. Shares of eLong Inc. (Nasdaq ADR: LONG) jumped more than 36% this morning.
Stocks to Watch No. 2 - AMZN: Shares of Amazon.com Inc. (Nasdaq: AMZN) were climbing again this morning after yesterday's announcement that the company's Amazon Prime Now one-hour delivery services will soon be available in Manhattan. The services guarantees one-hour deliver of groceries, meals, and baked goods. Shares of Amazon were up more than 1.8% during yesterday's trading session.
Garrett Baldwin is a globally recognized research economist, financial writer, consultant, and political risk analyst with decades of trading experience and degrees in economics, cybersecurity, and business from Johns Hopkins, Purdue, Indiana University, and Northwestern.