U.S. stock futures trade higher to end the week; Biden announces infrastructure deal

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Stocks set for more gains

Wall Street looks poised for a positive open when the Friday session begins, with the blu-chip Dow futures pointing to a gain of 67 points, or 0.2% to 34,149 as of 5:20 a.m. ET. Nasdaq 100 futures jumped 12.87 points, or 0.09% to 14,367.12 while S&P 500 futures were flat.

The Dow Jones Industrial Average gained 322 points, or 0.95% on Thursday to end at 34,196.82 after President Joe Biden announced that his administration has agreed on a $953 billion infrastructure deal with a bipartisan group of senators.

The S&P 500 rose 24.65 points, or 0.58% to close at a record of 4,266.49 while the Nasdaq Composite advanced 97.98 points, or 0.69% to close finish at a new record of 14,369.71.

Today, traders are awaiting a key inflation report from the Commerce Department, which is likely to show consumer spending increased 0.4% in May.

Didi targets a valuation of more than $60 billion

Didi Global is seeking a valuation of $62 billion to $67 billion in an initial public offering that could be the biggest listing in the U.S. this year.

The Chinese ride-hailing firm disclosed in an updated IPO prospectus on Thursday that it aims to raise $3.9 billion plans to offer 288 million American Depository Shares (ADS) at a price of $13 to $14 per share.

Didi plans to use the proceeds of the IPO to expand its business outside of China, launch new products, and invest in technology.

The company intends to list its shares under the symbol “DIDI” on the New York Stock Exchange.

Nike shares rally on strong Q4 results

Shares of Nike (NYSE: NKE) popped in the premarket trading session on Friday as shareholders cheered the company’s upbeat fourth-quarter financial results.

The sports apparel giant said late Thursday that Q4 earnings per share grew 282.35% on a year-over-year basis to 93 cents. Revenue in the quarter came in at $12.344 billion, up 95.53% from the $6.31 billion reported in the same period a year ago.

Analysts expected the company to post earnings of 51 cents per share on revenue of $11.01 billion.

Nike stock was marked $15.59, or 11.67% to $149.19 per share before the opening bell.

 

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