Kelly Intelligence & Kelly ETFs CEO Kevin Kelly and NAV Valuation & Advisory president Justin Kuczmarski give their outlook for the tech sector on ‘The Claman Countdown.’
U.S. equity futures traded mixed Friday morning following three days of declines in choppy trading.
The major futures indexes suggest a small loss on the Dow, but a gain of 0.4% on the Nasdaq.
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Apple shares are giving tech shares a boost gaining 5% in the after-hours session following quarterly results.
Apple posted its highest quarterly revenue increase in the company’s history on Thursday at $123.9 billion, showing an 11% year-over-year boost during last year’s critical holiday season despite ongoing supply chain challenges and chip shortages.
APPLE HITS NEW QUARTERLY REVENUE RECORD DESPITE SUPPLY CHAIN TROUBLES
Profits came in at $34.63 billion, or $2.10 per share, beating Wall Street estimates of $1.90 per share.
A busy week for 4Q earnings wraps up Friday morning with a pair of Dow companies: integrated oil giant Chevron and heavy-equipment maker Caterpillar. Also watch for numbers from household products makers Colgate-Palmolive and Church & Dwight.
On the economic calendar, the Commerce Department posts personal income and spending numbers for December. Economists surveyed by Refinitiv anticipate spending to fall 0.6% month-over-month, reversing November’s 0.6% rise. Core personal consumption expenditures, which remove volatile food and energy prices, are seen jumping 0.5% month-over-month.
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Personal income, meantime, is expected to edge up 0.5% after a 0.4% increase in November.
The year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, is expected to shoot up to 4.8%, which would be the highest reading in more than 38 years.
Investors will also look ahead to data on employment costs for indications of when and by how much the Fed might raise interest rates to cool surging inflation.
The Employment Cost Index is expected to show the price of labor rose by about 1.2% over the previous quarter in the final three months of 2021.
And finally, we’ll get the University of Michigan’s final index of consumer sentiment for January. It’s expected to edge down to 68.7 from the preliminary reading of 68.8 two weeks ago. That’s down from 70.6 in December and the second-lowest reading in a decade on inflation and Omicron fears.
US ECONOMY SURGED 6.9% IN THE FOURTH QUARTER BEFORE OMICRON IMPACT
On Thursday, official data showed the U.S. economy grew 5.7% last year, its strongest rate since 1984’s 7.2% jump.
The Labor Department reported that 260,000 Americans filed for unemployment benefits for the week ended Jan. 22, in line with estimates.
In Europe, London’s FTSE lost 0.6%, Germany’s DAX fell 1.3% and France’s CAC declined 0.7%
In Asia, the Nikkei 225 in Tokyo surged 2.1%, the Hang Seng in Hong Kong sank 1.1% and China’s Shanghai Composite Index lost 0.9%.
Bitcoin hovered around $37,000
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34160.78 | -7.31 | -0.02% |
| SP500 | S&P 500 | 4326.51 | -23.42 | -0.54% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13352.783008 | -189.34 | -1.40% |
On Wall Street, the benchmark S&P 500 index fell 0.5% to 4,326.51
The index is within 10 points of entering a correction, meaning a drop of 10% from its Jan. 3 all-time high.
The Dow Jones Industrial Average slipped less than 0.1% to 34,160.78. The Nasdaq composite dropped 1.4% to 13,352.78.
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In energy markets, benchmark U.S. crude rose 51 cents to $87.11 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 74 cents on Thursday to $86.61. Brent crude, the price basis for international oils, advanced 53 cents to $89.87 per barrel in London.
The Associated Press contributed to this report.
