Stocks set for mixed open
U.S. stock futures pointed to a mixed open for Wall Street on Friday as continue to digest a flurry of corporate earnings and the monetary policy decision announced by the Federal Reserve earlier in the week.
As of 5:45 a.m. ET, futures for the Dow Jones were marked 132 points, or 0.39% lower to 33,911. S&P 500 futures fell 12 points, or 0.28% to 4,305.75 while the tech-heavy Nasdaq 100 futures rose 21.25 points, or 0.15% to 14,008.
On Thursday, the Commerce Department released data that showed U.S. gross domestic product (GDP) increased at an annualized pace of 6.9% during the fourth quarter. That topped economists’ estimates for a gain of 5.5%.
Apple delivers strong results, shares surge
Meanwhile, Apple (NASDAQ: AAPL) shares surged in the premarket trading session after the company reported its first-quarter financial results on Thursday, beating Wall Street’s expectations on both earnings and revenue.
The iPhone maker had earnings of $2.10 per share in the quarter, surpassing analysts’ estimates of $1.89 per share.
Revenue stood at $123.9 billion, up 11% from the same period last year and topping estimates of $118.66 billion.
Apple said its flagship iPhone business generated revenues of $71.63 billion for the holiday quarter, up 9% from $65.6 billion in the prior-year quarter.
CEO Tim Cook said the company is anticipating solid year-over-year revenue growth for the current quarter and expects supply constraints in the quarter to be “less than they were in the December quarter.”
Apple stock was up $6.53, or 4.10% to $165.75 per share as of writing.
Chevron, Caterpillar earnings on tap
Wall Street is also awaiting another batch of corporate earnings today, with Caterpillar (NYSE:CAT) and Chevron (NYSE: CVX) among those scheduled to report.
Analysts expect Caterpillar to report earnings of $2.26 per share on revenue of $13.15 billion. Chevron is projected to come out with earnings of $3.10 per share on revenue of $44.80 billion.
Phillips 66 (NYSE: PSX), Synchrony Finl (NYSE: SYF), Charter Communications (NASDAQ: CHTR), and LyondellBasell Industries (NYSE: LYB) will also release their results today.