BY THE NUMBERS
Wall Street was set for a mixed open Friday. U.S. stock futures lost steam as the 10-year Treasury yield pushed to a three-year high after the Federal Reserve signaled earlier in the week that more aggressive measures are needed to fight inflation. (CNBC)
Tech stocks took the brunt of rising in bond yields, sending the Nasdaq down more than 2.5% through Thursday's close. The S&P 500 was down 1% from Monday to Thursday. The Dow dropped nearly 0.7% for the week so far. Next week, the banks kick off the latest quarterly earnings season,
The 10-year Treasury yield ticked higher Friday, topping the prior day's 2.667% high back to March 2019 and keeping it higher than the 2-year yield. They inverted last week for the first time since 2019. Another key Treasury yield spread — the 5-year/30-year — remained on either side of inverted Friday after flipping last week for the first time since 2006. (CNBC)
U.S. oil prices inched higher Friday, but remained below $100 per barrel. West Texas Intermediate crude fell more than 3% so far this week following last week's roughly 13% decline as the U.S. announced its largest-ever release from its Strategic Petroleum Reserve and International Energy Agency member nations joined the effort to combat soaring oil and gasoline prices. (Reuters)
IN THE NEWS TODAY
A Russian rocket attack on a railway station in eastern Ukraine on Friday killed more than 30 people and wounded more than 100 others. The station was packed with evacuees waiting to travel to safer parts of the war-torn country. (CNBC)
Ukrainian leaders warned that fighting in the Donbas region, where Russia has been engaged in military operations for years, is expected to resemble the battles of World War II. Meanwhile, the Kremlin has admitted that Russian forces have suffered "significant losses" in their unprovoked invasion of Ukraine.
Twitter (TWTR) plans to host a Q&A session with Elon Musk, the social network's biggest shareholder and incoming board member, according to The Washington Pos, citing internal company messages. Twitter CEO Parag Agrawal announced the town hall session in a companywide email following a week of internal outrage over the Tesla and SpaceX CEO's moves.
Musk, the world's richest person, spoke Thursday night at a grand opening event for the electric automaker's new $1.1 billion factory near the Austin airport in Texas. The CEO said at the event that Tesla aims to make 500,000 units of the Model Y in a single year in Austin and the company also hopes to start production of its Cybertruck there next year. (CNBC)
* Musk says production of Tesla's Optimus humanoid robot could start next year (CNBC)
Jeep has redesigned an all-electric concept version of its flagship Wrangler, as the brand pivots from gas guzzlers to zero-emissions EVs. The Jeep Wrangler Magneto 2.0 concept vehicle comes a year after the Stellantis brand unveiled the first version of the all-electric SUV. (CNBC)
Amazon (AMZN) illegally interfered in a recent union election at an Alabama warehouse, according to a statement on Thursday from the Retail, Wholesale and Department Store Union the union, which organized the campaign. (CNBC)
Billionaire venture capitalist Peter Thiel said at a bitcoin conference Thursday that Warren Buffett tops an "enemies list" of people who are trying to stop the world's biggest cryptocurrency. Thiel called the legendary investor "the sociopathic grandpa from Omaha," referring to the Nebraska city where Buffett's Berkshire Hathaway (BRK.a) is headquartered. (CNBC)
After making inroads managing money for the merely wealthy, Morgan Stanley (MS) is setting its sights on the richest of the rich, family offices with tens of billions of dollars in assets, CNBC has learned. The bank has spent the last four years developing a suite of products geared to those clients.
President Joe Biden on Friday will celebrate the confirmation of Judge Ketanji Brown Jackson as the first Black woman to reach the Supreme Court, marking the pinnacle of her legal career and bringing his political story full circle. (AP)
STOCKS TO WATCH
Biogen (BIIB) fell 1% in premarket trading after the government announced that Medicare will limit coverage for Aduhelm, Biogen's Alzheimer's disease treatment. Coverage will only be provided for patients enrolled in clinical trials.
Spirit Airlines (SAVE) said it will begin talks with JetBlue (JBLU) about its rival's $3.6 billion takeover bid. Spirit had agreed earlier this year to be taken over by Frontier Airlines parent Frontier Group (ULCC) but said the JetBlue offer could lead to a "superior proposal." Spirit rose 1.4% in premarket trading, while JetBlue added 1% and Frontier jumped 2.5%.
Robinhood Markets (HOOD) slid 4.1% premarket after Goldman Sachs downgraded it to "sell" from "neutral." Goldman believes consensus estimates for Robinhood are too high and it sees a high bar for the company to achieve profitability in 2023.
WD-40 (WDFC) surged 9.5% in the premarket following better-than-expected quarterly earnings and revenue. The lubricant maker earned $1.41 per share for the quarter, 40 cents above estimates, although it cut its full-year guidance slightly due to inflationary challenges.
Designer Brands (DBI) raised its full-year earnings outlook and reinstated its quarterly dividend after a two-year pause. The upbeat forecast comes ahead of the company's annual investor day. Designer Brands stock jumped 4.6% in the premarket.
Kroger (KR) added 2.6% in premarket action after Bank of America Securities upgraded it to "buy" from "neutral." BofA said elevated food inflation will be among several upside earnings drivers.
CrowdStrike (CRWD) rallied 3.7% in premarket action after the cloud computing company received authorization to protect critical assets of the U.S. Department of Defense.
In his comeback from a horrifying car crash just 15 months ago, Tiger Woods is right where he wants to be heading into the second round of the Masters. He's 1-under, one of only 17 players in the red after Thursday's first round. Woods will have a better idea of how his repaired leg will hold up when he tees off Friday afternoon. (AP)