Stocks poised to rise at open
U.S. stock index futures jumped Friday morning as trade optimism reigned ahead of the high-stakes meeting between President Donald Trump and Chinese leader Xi Jinping on Saturday at the G20 summit in Osaka, Japan.
The two leaders are set to discuss several issues when they meet face to face, but trade will be the principal subject. Futures on the blue-chip Dow were up 83 points, or 0.31% to 26,629 at around 6:14 a.m. ET.
Nasdaq 100 futures rose 7.62 points, or 0.10% to 7,698.12 while futures on the broader S&P 500 climbed 7.38 points, or 0.25% to 2,938.38.
iPhone designer departs Apple
Apple Inc (NASDAQ: AAPL) announced that its chief design officer, Jony Ive, is departing the tech giant after nearly three decades. Ive helped Apple rise to a $1 trillion firm, thanks to his iconic designs for the iPhone, iPod, and Mac.
Apple said he plans to form an independent design company that will count Apple among its primary clients. Ive will continue to work closely on projects for Apple as he pursues personal projects.
Shares of Apple were little changed in premarket trading hours on Friday.
RealReal stock begins trading today
Shares of RealReal are set to start trading under the ticker symbol “REAL” on the Nasdaq stock market. The online provider of pre-owned luxury goods raised $300 million after selling 15 million shares in its initial public offering at a price of $20 a share on Thursday.
RealReal was expected to price its IPO in a range of $17 to $19 a share. The San Francisco-based company sells a wide range of second-hand luxury goods, such as jewelry, handbags, watches, and shoes.
Constellation Brands stock rises 7% after big earnings beat
Shares of Constellation Brands Inc (NYSE: STZ) climbed $13.29, or 7.06% to change hands $201.50 in premarket trading Friday. The gains came after the Corona beer maker reported solid first quarter earnings and raised its profit outlook for the full year.
Constellation posted comparable earnings of $2.21 per share, above analysts’ estimates of $2.07 per share. Revenue came to $2.097 billion, up 2% year-over-year and ahead of analysts’ forecasts of $2.07 billion.