Sources tell FOX Business’ Charlie Gasparino SEC officials say privately they’re wary of celebrity SPACs enticing small investors to risky deals.
U.S. stock futures rallied Friday as traders awaited the latest report on retail sales.
Dow Jones Industrial Average futures were higher by 164 points, or 0.43%, while S&P 500 futures and Nasdaq 100 futures advanced 0.69% and 1.09%, respectively.
The early advance comes a day after the major averages snapped their three-day losing streaks as the Centers for Disease Control and Prevention lifted most mask mandates and before the release of April retail sales. The report, due out at 8:30 a.m. ET, is expected to show a 1% increase versus the prior month.
BERNIE SANDERS WOULD NARROWLY DODGE BIDEN TAX HIKE
In stocks, Dow component Walt Disney Co. reported parks revenue and streaming subscribers below Wall Street expectations, but said its Disney+ platform remains on a path toward profitability and expects to see paid user numbers grow from 159 million to between 230 million and 260 million by the end of 2024.
Airbnb Inc. said gross bookings jumped 52% year over year as COVID-19 vaccinations drove demand for vacation rentals. The company expects revenue in the current quarter to be similar to 2019 levels.
In deals, General Mills Inc. has agreed to buy Tyson Foods’ pet treats business for $1.2 billion in cash. The deal adds the Nudges, Top Chews and True Chews brands to a portfolio that already includes the Blue Buffalo label.
Elsewhere, Tesla Inc. is in talks with Chinese battery maker EVE Energy Co. to add the company’s lithium iron phosphate batteries to its Shanghai supply chain, Reuters reports, citing four people familiar with the matter.
Meanwhile, the consulting firm AlixPartners says the global auto industry will lose $110 billion of revenue this year due to the chip shortage that has caused automakers including Ford Motor Co. and General Motors Co. to slash production.
In commodities, West Texas Intermediate crude oil climbed 70 cents to $64.52 per barrel while gold ticked up $11.80 to $1,835.80 an ounce.
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Overseas markets rallied across the board.
In Europe, France’s CAC rose 0.73% while both Britain’s FTSE 100 and Germany’s DAX 30 advanced 0.7%.
Elsewhere, Japan’s Nikkei 225 climbed 2.32%, China’s Shanghai Composite rallied 1.78% and Hong Kong’s Hang Seng index gained 1.11%.
