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 fell Friday morning following three days of declines in choppy trading.
The major futures indexes suggest a loss 1%.
| 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% |
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Despite the broader drop in the market, Apple is bucking the downtrend following quarterly results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 159.22 | -0.47 | -0.29% |
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. Profits came in at $34.63 billion, or $2.10 per share, beating Wall Street estimates of $1.90 per share.
APPLE HITS NEW QUARTERLY REVENUE RECORD DESPITE SUPPLY CHAIN TROUBLES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS INC. | 11.61 | -0.80 | -6.45% |
Shares of Robinhood Markets are down in the premarket after posting a $423 million net loss in the latest quarter along with slowing growth.
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
Bitcoin hovered around $37,000
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In energy markets, benchmark U.S. crude rose 54 cents to $87.15 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 69 cents to $90.03 per barrel in London.
FOX Business’ Ken Martin and The Associated Press contributed to this report.
