BY THE NUMBERS
U.S. stock futures were little changed Thursday morning, as Wall Street enters the final trading day of a holiday-shortened week. Dow futures implied an opening gain of roughly 20 points. (CNBC)
* Treasury yields slip amid hopes that inflation may be nearing its peak (CNBC)
Stocks had a strong Wednesday. The S&P 500 and tech-heavy Nasdaq Composite broke three-day losing streaks, climbing 1.12% and 2.03%, respectively. The Dow Jones Industrial Average added 344 points, or 1.01%. (CNBC)
Major U.S. banks headline Thursday's earnings calendar, with Goldman Sachs (GS), Wells Fargo (WFC), Morgan Stanley (MS) and Citigroup (C) all releasing first-quarter figures before the bell. There are no earnings reports of note after the close.
* Goldman Sachs tops analyst estimates as trading desks crush expectations amid surging volatility (CNBC)
* Wells Fargo shares fall as quarterly revenue misses estimates on weaker-than-expected mortgage lending (CNBC)
* Morgan Stanley earnings top estimates fueled by trading revenue gains (CNBC)
* Citigroup tops earnings estimates on better-than-expected trading revenue (CNBC)
Retail sales in March narrowly missed estimates, the Commerce Department said Thursday, rising 0.5% for the month compared with Dow Jones forecasts of 0.6%.
Initial jobless claims rose for the week ended April 9, increasing 18,000 from the previous week to 185,000, according to the Labor Department. Dow Jones estimates called for 172,000 initial unemployment filings.
IN THE NEWS
Elon Musk made an offer to buy Twitter for $54.20 a share, just days after the Tesla CEO and world's wealthiest person reversed course on joining the social media company's board of directors. In a letter to Twitter's chairman, Musk said he thinks Twitter "needs to be transformed as a private company." (CNBC)
Amazon intends to add a 5% "fuel and inflation" surcharge to the existing fees it collects from third-party sellers in the U.S. who rely on the e-commerce giant's fulfillment services. In a notice to sellers obtained by CNBC, Amazon said the additional fee will be implemented on April 28 and is "subject to change." (CNBC)
* Amazon CEO Jassy just released his first annual shareholder letter since taking over from Bezos (CNBC)
The entire crew of Russia's Moskva warship was evacuated after the flagship of its Black Sea fleet was damaged. Ukrainian officials said the country successfully launched a missile strike on the vessel, while Russia claimed the evacuation was due to a fire. (CNBC)
* Why Russia's looming offensive in eastern Ukraine might be different — and decisive (NBC News)
As Finland and Sweden inch closer to seeking NATO membership, Russia said the two Nordic nations would become new "opponents" if they join the U.S.-led military alliance. "There can be no more talk of any nuclear-free status of the Baltic - the balance must be restored," Dmitry Medvedev, a key official on Russia's Security Council, said on his Telegram channel. (CNBC)
* Kremlin crackdown silences war protests, from benign to bold (Associated Press)
STOCKS TO WATCH
UnitedHealth Group (UNH) reported an adjusted quarterly profit of $5.49 per share, 11 cents above estimates, with revenue also topping Wall Street forecasts. Results were helped by growth in the company's Medicare Advantage business, and it also raised its full-year outlook.
Rite Aid (RAD) lost an adjusted $1.63 per share for its latest quarter, larger than the 57 cent loss expected by Wall Street analysts, although revenue exceeded estimates. Rite Aid also projected a fiscal 2023 loss that is smaller than analysts had been anticipating, as well as detailing a cost reduction program. Shares rose as much as 5.5% in premarket trading before retreating.
UPS (UPS) rose 1% after Loop Capital upgraded it to to buy from hold, saying the call was largely based on an attractive valuation for the delivery service's stock.
Western Digital (WDC) and Seagate Technology (STX) were downgraded by Susquehanna Financial. The firm moved Western Digital to neutral from positive and Seagate to negative from neutral, on expectations of weaker demand in 2023. Western Digital fell 3% in premarket trading while Seagate lost 3.3%.
Rent The Runway (RENT) – The fashion rental company's stock was volatile in premarket trading after it reported a smaller-than-expected loss, as well as revenue and profit margins that exceeded Street forecasts. The stock had initially dipped in off-hours trading as investors focused on a lighter-than-expected forecast for the current quarter, then moved higher before losing its gains again.
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April 14, 2022 at 07:58PM
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What to watch today: Stock futures are basically flat as major banks report earnings - CNBC
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