Here are the top news, trends, and analysis that investors need to get their trading day started:
1. Stocks are expected to continue to rebound from the week’s losses
Trader on NYSE May 3, 2021.
Futures contracts pegged to major stock indices rose early in the trading day as Wall Street will rebound for a second day after the week started with big losses. Dow Jones Industrial Average Futures climbed 150 points. S&P 500 futures gained 0.6%. Futures on the tech-heavy Nasdaq 100 index, which underperformed this week, fell 1%.
All three benchmarks are still well on their way to posting heavy losses for the week. The Dow fell 2.2% and the S&P lost 2.8%. Tech stocks were hit particularly hard on unexpectedly high inflation data, pushing the Nasdaq down 4.6% for the week.
2. Retail data on deck
Another key data point, US retail sales for April, is expected to be released on Friday at 8:30 a.m. ET. Economists polled by Dow Jones expect a 0.8% increase last month, a sharp slowdown from a 9.8% increase in March. Sporting goods, apparel, and food and beverage spiked in March, contributing to the best month for retail since the 18.3% gain in May 2020 after the first round of economic reviews.
3. Disney shares fall after subscribers and sales are lost
The New York Stock Exchange welcomes the Walt Disney Company (NYSE: DIS) on Tuesday, May 4, 2021 in honor of Star Wars Day.
Disney shares were down more than 3% in premarket trading on Friday, a day after the media giant reported weaker-than-expected earnings and reported streaming subscribers. Disney’s revenue for the second quarter was $ 15.61 billion versus $ 15.87 billion expected in a refinitive poll. The company also missed the subscription estimates for Disney +, which came in at 103.6 million paid subscribers. According to FactSet, 109 million were expected.
4. Dogecoin rallies after Elon Musk tweet, Coinbase listing
Yuriko Nakao | Getty Images News | Getty Images
Dogecoin price rose on Friday following a tweet from supporter Elon Musk and, as Coinbase said, it would list the meme-inspired cryptocurrency. The price of Dogecoin rose to an intraday high of around 56 cents, according to Coin Metrics. However, it’s still down about 20% from a record high of nearly 67 cents a week ago. Musk tweeted Thursday that he is working with Dogecoin developers to improve transaction efficiency. Also on Thursday, the crypto exchange platform Coinbase announced that it would offer Dogecoin support for the next six to eight weeks.
5. CDC says fully vaccinated people do not need to wear masks
People wearing protective face masks wait to receive a dose of Covishield, a coronavirus vaccine made by the Serum Institute of India, at a vaccination center in New Delhi, India, on May 4, 2021.
Anadolu Agency | Anadolu Agency | Getty Images
Fully vaccinated people no longer need to wear a mask or stay 6 feet away from others in most environments, whether outdoors or indoors, the Centers for Disease Control and Prevention said in updated public health guidelines released Thursday. People must continue to wear masks in the healthcare sector or in a business where they are needed, even if they received their final vaccine dose two or more weeks ago, said CDC Director Dr. Rochelle Walensky told reporters. Fully vaccinated people must continue to wear masks on airplanes, buses, trains and other public transport, she said.
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