Futures point to a positive open
U.S. stock markets look set for a mildly higher open on Friday after President Joe Biden on Thursday doubled his coronavirus vaccine promise, saying the government will have administered 200 million doses by April 30.
“I know it’s ambitious — twice our original goal — but no other country in the world has come close…to what we’re doing. I believe we can do it,” the President told reporters in his first news conference since taking office.
By 5:30 a.m. ET, Dow futures were indicated 87.5 points, or 0.27% higher to 32,588.5. S&P 500 futures gained 10.88 points, or 0.28% to 3,911.38 while the tech-heavy Nasdaq 100 futures jumped 32.12 points, or 0.25% to 12,802.62.
Crude futures jump as Suez Canal crisis continues
In energy markets, crude futures posted gains early Friday as the blockage of the Suez Canal by a huge container ship entered a fourth day. Shipping experts warn a resumption of traffic through the critical waterway could still take days, if not weeks.
According to data compiled by tanker tracking firm Kpler, of the 39.2 million bpd of total seaborne trade in crude last year, 1.74 million bpd passed through the canal. In addition, 1.54 million bpd of refined oil products like diesel fuel and gasoline go through the canal.
By 5:30 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures rose $1.06, or 1.81% to $59.62 a barrel. International Brent crude futures were at $62.91, up $96 cents, or 1.55% a barrel.
GameStop extends gains on Jefferies upgrade
Shares of GameStop (NYSE: GME) rallied in pre-market trading Friday after finishing the previous session up 52.69% to $183.75.
The vide-game retailer posted disappointing fourth-quarter earnings late Tuesday but a Jefferies analyst raised her price target on the stock almost twelvefold to $175 on Wednesday.
While GameStop is expected to provide more guidance on its new strategic direction, executives refused to take questions during its earnings call on Tuesday.
As of this writing, the stock was marked $18.25, or 9.93% higher to $202 a share in pre-market trade.
WeWork reportedly going public via a SPAC deal
WeWork has agreed to go public through a SPAC deal that values it at $9 billion, less than a quarter of its private valuation in 2019, The Wall Street Journal reported early Friday.
Sources familiar with the matter told the publication that WeWork has agreed to merge with BowX Acquisition Corp, a special-purpose acquisition company.
The merger would take the shared-office startup public, nearly two years after its disastrous IPO attempt, in which it targeted a $47 billion valuation.
BowX shares jumped 2.77% to $10 each in pre-market trading session on the news.
