5 things to know before the stock market opens Friday
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A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. Brendan Mcdermid | Reuters
Here are the most important news items that investors need to start their trading day:
1. Welcome to jobs day
The Fed, regional banks, more big earnings and now jobs. It's been a momentous week for markets but not in a great way. Three major indices are all on pace for their worst week since March 6-10. The April jobs report, due out at 8:30 a.m. ET, could have a say in where markets end up Friday. Economists polled by Dow Jones expect job growth to keep slowing, estimating that the economy added 180,000 jobs last month. Futures were up before the report. Follow live market updates.
2. iPhone to the rescue
Apple phones on display in an Apple store on May 04, 2023 in Miami, Florida. Joe Raedle | Getty Images
Apple's revenue and profit fell last quarter, but the results still beat Wall Street's low expectations. Better-than-hoped iPhone sales helped make that happen. Sales for the ubiquitous gadget easily cleared the bar set by analysts, while Mac and iPad sales came up short. In all, iPhone sales rose 2% for the quarter, an indication that supply chain problems may be less of an issue. "It was quite a good quarter from an iPhone point of view, particularly relative to the market when you look at the market stats," Apple CEO Tim Cook told CNBC's Steve Kovach.
3. Another bad day for regional banks
A Pacific Western Bank branch in Encino, California, on Saturday, April 22, 2023. Morgan Lieberman | Bloomberg | Getty Images
A slew of regional banks, led by PacWest , had an awful Thursday as concerns grow in the wake of the three biggest bank failures since the 2008 financial crisis. California's PacWest fell more than 50% after the company said it was actively talking with potential investors while considering all of its options. Tennessee-based First Horizon fell because its merger deal with TD Bank fell apart due to regulatory concerns. Western Alliance , Zions Bancorp and the SPDR S&P Regional Banking ETF all fell too. Premarket trading Friday morning indicated they could all be due for a slight rebound when the market opens.
4. Minding their business
An entranceway to Walt Disney World on February 08, 2023 in Orlando, Florida. Joe Raedle | Getty Images
The Florida Chamber of Commerce has so far stayed out of the fight between Disney and Gov. Ron DeSantis over the entertainment giant's long-standing control over a special tax district that includes Walt Disney World. The state chamber has tight relationships with both sides. "The entire business and lobbying class are allies of both DeSantis and Disney," David Jolly, a former GOP congressman from Florida, told CNBC's Brian Schwartz. "The chamber's political division is probably the premier ally of the state GOP in producing polling and research in low-dollar state House seats, and also mobilizes soft dollars around state legislative races." The chamber, unsurprisingly, declined to comment to CNBC for the article.
5. Buffett, a gecko and Omaha
Display showing Gecko character for GEICO Insurance during the Berkshire Hathaway Annual Shareholder Meeting in Omaha, Nebraska. Yun Li | CNBC
Source: CNBC
