Dow Futures Decline After Scaling Record High This Week: MSFT, WBD, ADBE, RH Among Stocks To Watch

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While Dow Jones futures were down 0.19% at the time of writing, the S&P 500 futures fell 0.11%.

U.S. stocks appear set for a negative opening on Friday after benchmark indices scaled record highs this week amid a weak jobs report and tame inflation, ahead of the Federal Reserve’s September meeting next week.

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The consumer price index (CPI) rose 2.9% annually in August, according to a report from the Bureau of Labor Statistics (BLS), in line with Wall Street expectations. Weekly jobless claims, on the other hand, rose to their highest levels in almost four years, surpassing Wall Street estimates.

While Dow Jones futures were down 0.19% at the time of writing, the S&P 500 futures fell 0.11%, and the tech-heavy Nasdaq 100’s futures were flat. Futures of the Russell 2000 index were down 0.43%.

Meanwhile, the SPDR S&P 500 ETF (SPY) was down 0.06% at the time of writing, and Invesco QQQ Trust (QQQ) gained 0.09% on Friday morning. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘neutral’ territory.

Asian markets ended Friday’s trading session on a largely positive note, with the KOSPI leading with gains of 1.51%, followed by the Hang Seng index at 1.15%, the TWSE Capitalization Weighted Stock index at 1.02%, and the Nikkei 225 index at 0.91%.

The Shanghai Composite index declined 0.29%.

Stocks To Watch

  • Microsoft Corp. (MSFT): Microsoft and OpenAI announced the extension of their partnership through a non-binding memorandum of understanding (MOU). Microsoft shares were up 1.29% in Friday’s pre-market trade.
  • Warner Bros. Discovery Inc. (WBD): Warner Bros. Discovery shares surged nearly 6% pre-market on Friday following a 29% rally on Thursday, amid reports that Paramount Skydance Corp. is preparing a bid to acquire the former.
  • Adobe Inc. (ADBE): Adobe shares rose 4% pre-market after the company’s third-quarter (Q3) results beat analyst expectations. Adobe reported earnings per share (EPS) of $5.31 on revenue of $5.99 billion, beating Wall Street’s expected EPS of $5.18 on revenue of $5.92 billion, according to Stocktwits data.
  • RH (RH): RH shares plunged over 9% in Friday’s pre-market session after the company’s second-quarter (Q2) results missed estimates. RH reported EPS of $2.93 on revenue of $899 million, missing Wall Street expectations of an EPS of $3.21 on revenue of $905 million, according to Stocktwits data.

 

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