Markets poised to open higher
U.S. stock markets look likely to open in the green territory on Friday, as traders continue to cheer the July inflation report that was released earlier this week.
At 5:40 a.m. ET, futures tied to the blue-chip Dow rose 144 points, or 0.43% to 33,448. S&P 500 futures jumped 20.75 points, or 0.49% to 4,230.5 while the tech-heavy Nasdaq 100 futures advanced 75 points, or 0.56% to 13,386.25.
On Thursday, the Dow Jones Industrial Average closed the session with a gain of 27.16 points, or 0.1% following an encouraging CPI report that suggested U.S. inflation is peaking.
But it was not all cheery. The S&P 500 lost 2.97 points, or 0.1%, to finish at 4,207.27 while the Nasdaq Composite gave away 74.89 points, or 0.6%, to end at 12,779.91.
Rivian loses $1.71 billion in Q2
Rivian Automotive (RIVN) posted a bigger-than-anticipated Q2 loss late Thursday, and warned shareholders it expects to lose roughly $5.45 billion this year.
The EV startup, which IPOed last year in one of the largest offerings in U.S. history, reported adjusted a loss $1.62 pers share and revenue of $364 million.
Analysts expected the company to post an adjusted loss of $1.63 per share on revenue of $337.5 million.
Net loss came in at $1.7 billion, up from the $580 million reported in the same period last year.
The company said it expects supply chain challenges to continue to limit its growth, but expressed confidence production rate will continue to improve.
Toast surges 13% on updated guidance
Meanwhile, shares of Toast (TOST) are trading higher in Friday’s premarket session after restaurant software provider improved its full-year guidance.
Toast late Thursday posted a net loss of $54 million, or 11 cents a share and revenue of $675 million. In the same period last year, the company had a net loss of $135 million, or 64 cents a share and revenue of $426 million.
Analysts had called for a net loss of 12 cents loss per share on revenue of $651 million.
Looking ahead, Toast expects full-year revenue to be in a range of $2.62 billion to $2.66 billion, compared with its previous forecast of $2.50 billion to $2.55 billion.
The company also sees adjusted loss coming in at a $140 million to $160 million, down from its earlier forecast for a loss of $175 million to $195 million.
Toast stock was marked 13.33% higher to $20.57 a share in premarket hours.
