5 things to know before the stock market opens Friday

1 month ago 17
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1. Stocks are set to continue to rebound from the week’s losses

Traders on the NYSE, May 3, 2021.

Source: NYSE

Futures contracts tied to major stock indexes jumped in early trading Friday as Wall Street is set to rebound for a second day after starting the week 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, the relative underperformer this week, popped 1%.

All three benchmarks are still on pace to post sharp losses for the week. The Dow is down 2.2% for the week, while the S&P has shed 2.8%. Tech stocks have been hit especially hard amid hotter-than-expected inflation data, pulling the Nasdaq down 4.6% for the week.

2. Retail sales data on deck

Another important data point, U.S. retail sales for April, is set to be released Friday at 8:30 a.m. ET. Economists polled by Dow Jones are expecting a rise of 0.8% last month, a drastic slowdown from a 9.8% surge in March.

Sporting goods, clothing and food and beverage led the gains in spending in March and contributed to the best month for retail since the May 2020 gain of 18.3%, which came after the first round of stimulus checks.

3. Disney shares fall after subscriber and revenue miss

The New York Stock Exchange welcomes The Walt Disney Company (NYSE: DIS), on Tuesday, May 4, 2021, in honor of Star Wars Day.

Source: NYSE

Shares of Disney declined more than 3% in premarket trading Friday after the media giant reported weaker-than-expected revenue and streaming subscribers.

Disney's fiscal second-quarter revenue came in at $15.61 billion, versus $15.87 billion expected per Refinitiv. The company also missed on subscriber estimates for Disney+, coming in at 103.6 million paid subscribers. It was expected to post 109 million, according to FactSet.

4. Dogecoin rallies after Elon Musk tweet, Coinbase listing

Yuriko Nakao | Getty Images News | Getty Images

Dogecoin price jumped on Friday after 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 data from Coin Metrics. However, it's still down about 20% from a record high of nearly 67 cents only a week ago.

Musk tweeted Thursday that he was working with dogecoin developers to improve the efficiency of transactions. Meanwhile, crypto exchange platform Coinbase said Thursday it would offer dogecoin support in the next six to eight weeks. 

5. CDC says fully vaccinated people don’t need to wear face masks

People wearing protective face masks wait to receive a dose of Covishield, a coronavirus vaccine manufactured by Serum Institute of India, at a vaccination center in New Delhi, India on May 04, 2021.

Anadolu Agency | Anadolu Agency | Getty Images

Fully vaccinated people no longer need to wear a face mask or stay 6 feet away from others in most settings, whether outdoors or indoors, the Centers for Disease Control and Prevention said in updated public health guidance released Thursday.

There are a handful of instances where people will still need to wear masks — in a health-care setting or at a business that requires them — even if they've had their final vaccine dose two or more weeks ago, CDC Director Dr. Rochelle Walensky told reporters at a press briefing. Fully vaccinated people will also still need to wear masks on airplanes, buses, trains and other public transportation, she said.

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