BY THE NUMBERS
U.S. stock futures fell sharply Friday as the Dow looked to be set up for its first five-session losing streak since January. Thursday was the second 200-point-plus down day in a row following the Federal Reserve meeting. As of Thursday's close, the 30-stock average was off nearly 2% for the week. The S&P 500, tracking for a more modest weekly decline, fell Thursday for the third straight session. (CNBC)
* Explaining the wild stock and bond market moves after the Fed's update (CNBC)
The Nasdaq bucked Thursday's down trend, adding nearly 0.9% and breaking a two-session losing streak. The tech-heavy index was within just 13 points of Monday's record close. The S&P 500 was less than 1% from its record close Monday. The Dow was more than 2.7% from its latest record high close in early May. (CNBC)
The 10-year Treasury yield to fluctuate after Wednesday's Fed-driven spike to nearly 1.6%, trading Friday around 1.5%. Yields drifted lower despite rising inflation expectations from the Fed. The central bank on Wednesday afternoon also signaled two interest rate hikes in 2023. In March, policymakers said they saw no increases until at least 2024. (CNBC)
Many commodities bounced Friday, one day after falling sharply as China started to take steps to cool off rising prices. Those declines cut into months of gains and weighed on stocks. On Thursday, the drops in commodities were widespread, with platinum futures falling more than 11%, along with declines of nearly 6% in corn futures and 4.8% in copper futures. (CNBC)
* U.S. oil prices slips again on surging dollar, but holds above $70 per barrel (Reuters)
Most federal workers will observe Juneteenth on Friday because the new federal holiday marking the end of slavery in the U.S. falls on a Saturday this year. The NYSE will not close for Juneteenth this year, but it will evaluate closing for it in 2022. On Thursday, President Joe Biden signed a bill establishing Juneteenth, celebrated on June 19, as a federal holiday. (CNBC)
IN THE NEWS TODAY
A new U.K. study examined brain imaging before and after coronavirus infections and looked specifically at the potential effect on the nervous system. "In short, the study suggests that there could be some long-term loss of brain tissue from Covid," Dr. Scott Gottlieb told CNBC's "The News with Shepard Smith." The destruction of brain tissue could explain why Covid patients lost their sense of smell, he said.
* Fast-spreading delta Covid variant could have different symptoms (CNBC)
* Biden on track to fall short of vaccinating 70% of American adults by July 4th (CNBC)
England's top medical officer warned it would likely take five years before new Covid vaccines could "hold the line" to a very large degree against a range of coronavirus variants. Until then, Chief Medical Officer Chris Whitty said, new vaccination programs and booster shots would be needed. A further easing of lockdown restrictions in England was delayed this week due to a surge in cases of the delta variant first discovered in India. (CNBC)
Boeing (BA) was readying the largest member of its 737 Max family for its maiden flight Friday, according to Reuters, as the aircraft maker tries to close a sales gap with a competing Airbus jet. The event was expected to be kept low-key as Boeing tries to recover from overlapping crises caused by the 20-month safety grounding of the Max and the pandemic.
* U.S. safety agency probes 10 Tesla crash deaths since 2016 (Reuters)
Citigroup (C) shares dropped in Friday's premarket after declining for the past 11 consecutive trading days, losing 14% over that time. On Tuesday, Citigroup's CFO warned that a strong economic recovery this year may not translate into better profits at the bank, citing a slowdown in institutional businesses and higher expenses. (Reuters)
STOCKS TO WATCH
Orphazyme (ORPH) plunged more than 52% in the premarket after the FDA rejected its experimental treatment for a genetic disorder known as Niemann-Pick disease type C. The Denmark-based biotech company had seen volatile trading in recent days after picking up social media attention. Shares fell 10% on Thursday after a more than 61% surge on Wednesday.
Adobe (ADBE) reported quarterly profit of $3.03 per share, 21 cents a share above estimates. The software company's revenue also topped Wall Street forecasts and Adobe gave stronger-than-expected current-quarter guidance. Shares rose 3.1% in premarket trading.
Smith & Wesson (SWBI) reported better-than-expected profit and sales for its latest quarter, as the gun maker's sales surged 67% compared to the same quarter a year earlier. The company notes that its shipments jumped 70% compared to overall industry growth of 42%. Shares rallied 4.7% in premarket trading.
Manchester United (MANU) lost $30.2 million for the first three months of this year, due largely to the absence of fans at its games because of the coronavirus pandemic. All of the team's 2020-21 season games were played without spectators. Shares were little changed.
ArcelorMittal (MT) sold its remaining 38.2 million shares of steel producer Cleveland-Cliffs (CLF). The mining company will use the proceeds to fund a $750 million share buyback. Arcelor-Mittal rose 1% in premarket action, while Cleveland-Cliffs added 0.3%.
Carnival (CCL) disclosed a March data breach that may have exposed personal information of customers of its Carnival, Holland America and Princess brands. It did not disclose how many may have been affected. Shares were slightly lower in the premarket.
Fox Corp. (FOXA) increased its stock repurchase program by $2 billion to a total of $4 billion, helping to send its shares higher by 2.8% in the premarket.
Pilgrim's Pride (PPC) expanded its prepared foods and branded products business by purchasing Kerry Group's Meats and Meals business. The poultry producer will pay the Ireland-based company about $947 million for that unit.
Round 2 of the U.S. Open begins today. Phil Mickelson, seeking a win in the last of the four golf majors to complete a career grand slam, was tied for 96th place at four over par. That's eight shots back from the leaders. Mickelson won the PGA Championship last month for the second time. The 51-year-old has also won The Masters three times and the British Open once. But he never the U.S. Open. (AP)