Stock Futures Under Pressure As Tech Stock Selling Continues


Tech stocks continued to fall before market on Friday, a day after being crushed and pushing the Nasdaq down nearly 2.5%. The S&P 500 fell nearly 1% on Thursday and the Dow Jones, which had been higher earlier in Thursday’s session, closed 0.08% lower. The Nasdaq plunge wiped out Wednesday’s big jump after Wall Street looked OK with the Fed’s decision to step up its cut in bond purchases and signal three interest rate hikes next year. (CNBC)

* Goldman says oil could hit $ 100, demand could hit “new high” soon (CNBC)

Darden Restaurants (DRI) on Friday reported quarterly earnings and earnings above analysts’ expectations. Parent company Olive Garden also announced that CEO Gene Lee will retire on May 29. The Board of Directors elected Chief Operating Officer Rick Cardenas as the next Chief Executive Officer. In addition, the company is stepping up its salary increase plans. Darden has raised its guidance for fiscal 2022, anticipating higher than initially expected sales and profits. Still, stocks fell 3.5% in pre-market trading. (CNBC)

Rivian Automotive (RIVN) shares fell 8% on Friday before market launch, the morning after CEO RJ Scaringe and other executives reported an increase in customer bookings but lowered vehicle production expectations for the ‘year. The updates accompanied Rivian’s first quarterly report as a state-owned company, which was largely in line with expectations, and the confirmation of plans for a new $ 5 billion plant in Georgia due to go live in 2024. . (CNBC)

FedEx (FDX) restored its original 2022 fiscal forecast after the bell on Thursday, even as persistent labor issues squeezed profits ahead of the peak holiday season, when the number of packages it handles often doubles . Shares jumped 5% in the pre-market. FedEx reported better than expected quarterly earnings and earnings. (Reuters)

Shares of several “buy now, pay later” companies fell sharply after the US consumer watchdog launched an investigation into the industry. The Consumer Financial Protection Bureau said Thursday it was seeking information from companies, including U.S.-based Affirm (AFRM) and PayPal (PYPL), about the risks and benefits of their products. (CNBC)


Dr Anthony Fauci told CNBC on Friday that changing the definition of fully vaccinated against Covid was “certainly on the table.” The White House’s chief medical adviser said there was no doubt that the best protection against infection was two shots of the Pfizer or Moderna vaccine and one booster shot. (CNBC)

Fauci said that while the delta variant continues to increase, the omicron “spreads very efficiently.” There have been “a lot of revolutionary infections” nationwide, he added. New York City officials said on Sunday that the city’s Covid test positivity rate was 7.8%, down from 3.9% three days earlier. (CNBC)

* Apple indefinitely delays return to headquarters (CNBC)

The CDC recommended the Pfizer (PFE) and Moderna (MRNA) vaccines on Thursday over the Johnson & Johnson (JNJ) vaccine for adults, after finding dozens of people developed a rare blood clot disease after vaccination with J&J vaccines. All of these patients were hospitalized and nine died. (CNBC)

Novavax (NVAX) rose 1.3% pre-market on a Financial Times report that the European Medicines Agency can approve its Covid vaccine for emergency use from next week. The WHO said Thursday it would reveal its position on the vaccine in the coming days, following an expert group meeting.

Dan Ammann, CEO of Cruise, the autonomous vehicle arm of General Motors (GM), is leaving the company. The move is effective immediately. Ammann’s departure is unexpected. He is a former investment banker highly respected by Wall Street analysts. (CNBC)

Peloton (PTON) removed a viral ad featuring Chris Noth from its social media accounts after allegations of sexual assault against the “Sex and the City” actor surfaced. The allegations of sexual misconduct surfaced in an article Thursday Hollywood journalist.

JPMorgan Chase (JPM) pays $ 125 million fine to settle Securities and Exchange Commission charges that its Wall Street division allowed employees to use WhatsApp and other platforms to circumvent federal laws on keeping records. (CNBC)

Meta (FB) said about 50,000 Facebook users have been targeted by private watch companies. Meta, which also owns and operates Instagram, WhatsApp and Messenger, said in a blog post On Thursday, he alerted people he said were targeted by the malicious activity. (CNBC)

In a three-hour final argument, the prosecution in the Elizabeth Holmes fraud trial said the founder of Theranos chose to deceive investors and patients, calling him “not only callous, it was criminal” . The defense, which began their argument Thursday afternoon, responded by saying Holmes never intended to mislead. (CNBC)

* Judge launches $ 4.5 billion deal protecting Sackler family from opioid lawsuits (Reuters)

On Thursday, President Joe Biden appeared to acknowledge that his Build Back Better spending bill may not pass Congress in the remaining weeks of this year. Democratic Senate Leader Chuck Schumer has set a Christmas deadline for passage of the $ 1.75 trillion bill, but negotiations have slowed at a breakneck pace. (Reuters)


Winnebago (WGO) added 3.4% in pre-market trading after a significant decline in results for its first fiscal quarter. The recreational vehicle maker earned $ 3.51 per share, up from a consensus estimate of $ 2.26 and earnings also above analysts’ forecasts.

Bottomline Technologies (EPAY) climbed 15% in the pre-market after the fintech firm agreed to be bought out by private equity firm Thoma Bravo for $ 57 per share in cash, or 2.6 billion of dollars.

Cerner (CERN) climbed 18.9% in pre-market trading after the Wall Street Journal reported that Oracle (ORCL) was in talks to buy the healthcare IT company in a potential 30-month deal. billions of dollars. Oracle fell 4.6%.

US Steel (X) slipped 4.4% in pre-release after the company released lower-than-expected guidance for the current quarter, with higher spending and cautious customer buying habits offsetting the improved steel prices.

Steelcase (SCS) reported lower than expected earnings and revenue for the third quarter. The furniture maker said its results had been affected by supply chain issues and higher costs. The shares fell 4.4% in pre-market trading.

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