Futures Slide After 3-Day Streak
Stock futures were lower on Friday following a three-day winning streak on Wall Street as investors weigh earnings from a major tech company and lingering trade fears.
Futures for the Dow Jones Industrials backed off 138 points, or 0.3% to 40,124.
Futures for the S&P 500 index dipped five points, or 0.1%, to 5,506.25
Futures for the NASDAQ Composite retreated 50 points, or 0.3%, to 19,272.
Stock futures turned lower after comments from President Donald Trump were published by Time magazine. The president said he would consider it a “total victory” if the U.S. has high tariffs of 20% to 50% on foreign countries a year from now. Trump also denied that rising yields forced his hand in granting a 90-day pause on most of the higher tariff rates.
Investors also kept an eye on corporate earnings.
Alphabet jumped about 5% after the Google-parent and “Magnificent Seven” name reported a beat on the top and the bottom line for the first quarter. By contrast, Intel fell 7% after offering disappointing guidance and revealing that it plans to slash operational and capital expenses.
In Japan, the Nikkei 225 index rocketed 1.9% Friday, while in Hong Kong, the Hang Seng nicked 0.3%.
Oil prices sank 83 cents to $61.96 U.S. a barrel.
Gold prices fell $40.70 to $3,308.50 U.S. an ounce.
