5 things to know before the stock market opens Friday
Here are the most important news, trends and analysis that investors need to start their trading day:
- Wall Street looks to log another positive week
- Booming Disney+ helps to offset theme park slump
- White House to address travel, education concerns
- U.S. secures 200 million more Covid vaccine doses
- It's the defense's turn at Trump's impeachment trial
1. Wall Street looks to log another positive week
U.S. stock futures fell Friday, one day after a mixed session that saw the Dow Jones Industrial Average dip slightly from its previous record high close, while the S&P 500 and Nasdaq eked out new record high closes. All three stock benchmarks were tracking for their second straight positive week, in a continuation of February's strength. For the month so far, the Dow, S&P 500 and Nasdaq increased 4.8%, 5.4% and 7.3%, respectively. The Dow and S&P 500 broke two-month winning streaks in January, while the Nasdaq rose for a fourth month in a row in January.
2. Booming Disney+ helps to offset theme park slump
Shares of Disney rose about 2% in premarket trading after the company late Thursday reported an adjusted fiscal first-quarter profit of 32 cents per share. Analysts had expected a loss of 41 cents per share. Revenue fell 22% to $16.25 billion from the year-ago period, though it did beat estimates. Disney saw a slump in theme park attendance and box office results due to Covid, but the success of its streaming video service continued. Disney+ added more than 21 million subscribers during the quarter for a total of 94.9 million.
3. White House to address travel, education concerns
Major airline CEOs are scheduled to meet virtually Friday with the White House's Covid-19 response coordinator to discuss a number of travel-related issues, according to Reuters. The meeting comes as airlines, unions and industry groups strongly object to the possibility of requiring predeparture Covid testing before domestic flights.
The CDC plans to issue new guidelines Friday on how to reopen U.S. schools as safely as possible. Pressure to reopen or expand in-person learning has been building for months across the U.S., as students and parents tire of remote classes. Reopening schools is a top priority for the Biden administration.
4. U.S. secures 200 million more Covid vaccine doses
The White House secured deals for another 100 million doses of Pfizer's Covid vaccine and another 100 million of Moderna's. During Thursday's tour of the National Institutes of Health, President Joe Biden said the U.S. will have now enough supply of the two-shot vaccines to inoculate 300 million Americans by the end of July. Biden is trying to pick up the pace of vaccinations after a slower-than-expected rollout under former President Donald Trump's administration. Roughly 34.7 million out of some 331 million Americans have received at least their first dose of Covid vaccine, according to the CDC.
5. It's the defense's turn at Trump's impeachment trial
Defense lawyers at Trump's impeachment trial on Friday are set to begin to make their case for why the former president did not incite last month's deadly attack of the U.S. Capitol. They're prepared to concede that the violence was every bit as traumatic, unacceptable and illegal as Democratic prosecutors described. But they also plan to argue that Trump had nothing to do with it. The argument is likely to appeal to Republican senators who themselves want to be seen as condemning the violence without convicting the president.
— Reuters and The Associated Press contributed to this report. Follow CNBC's blogs on the markets, the pandemic, and Trump's impeachment trial.
Source: Read Full Article