Friday's Trading: 5 things you should know
U.S. equity and bond markets will be closed on Monday for Memorial Day
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Here are the key events taking place on Friday that could impact trading.
PERSONAL INCOME AND SPENDING: The Commerce Department releases the numbers for April. Economists surveyed by Refinitiv anticipate April's spending to rise 0.7% month-over-month, down from a stronger-than-expected increase of 1.1% in March. Personal income, meantime, is expected to rise 0.5%, same as the previous month. Core personal consumption, which remove volatile food and energy prices, are seen edging up 0.3% month-over-month, matching March’s gain. The year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, is expected to slip 0.3 percentage points to 4.9%.
CONSUMER SENTIMENT: The University of Michigan’s final index for May is expected to hold steady at the preliminary reading of 59.1, which was the lowest in almost 11 years on inflation worries.
Costco Wholesale is a Multi-Billion Dollar Global Retailer. (iStock / iStock)
COSTCO WHOLESALE: Costco: profit and revenue topped expectations. Same-store sales grew by double-digits, but fell short of expectations. Costco shares declined 2% in after-hours trading.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COST | COSTCO WHOLESALE CORP. | 971.88 | +10.33 | +1.07% |
GAP INC.: Shares of the retailer were plunging 17% in premarket trading after slashing its annual results forecast. The clothing retailer blamed poor fashion choices at its Old Navy line and weak demand in the face of decades-high inflation.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GPS | NO DATA AVAILABLE | - | - | - |
RETAIL EARNINGS: The week ends with earnings from Big Lots, and sporting goods seller Hibbett. 491 companies in the S&P 500 have posted results, with the numbers coming in well ahead of forecasts.
DELL TECHNOLOGIES: Dell Technologies: profit and revenue topped expectations on strong demand for enterprise computing hardware and business PC sales. The company also raised its full-year guidance. Shares gained 7% in after-hours trading,
US GDP CONTRACTS FURTHER IN 1Q
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DELL | DELL TECHNOLOGIES INC. | 125.84 | -1.75 | -1.37% |
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And keep in mind that Monday is Memorial Day. U.S. equity and bond markets will be closed.