The S&P 500 futures are down 11 points, the Nasdaq 100 futures decrease by 35 points, and the Dow Jones Industrial Average futures drop by 98 points, with each trading 0.2% lower.
There is minimal movement in the futures for the S&P 500, Nasdaq 100, and Dow industrials as investors consider the mixed earnings results.
Bank of America (BAC, Financial) and PNC (PNC) shares are rising before the market opens after reporting earnings higher than expected. Johnson & Johnson (JNJ, Financial) stock is dipping in pre-market trading despite exceeding earnings estimates and increasing its dividend from $1.24 per share to $1.30 per share.
The yield on the 10-year Treasury note is up by two basis points to 4.38%, while the 2-year yield rises by one basis point to 3.84%.
Today's economic reports include Import and Export Prices for March and the Empire State Manufacturing Index for April, both set for release at 8:30 ET.
Apple (AAPL, Financial) is set to exclusively utilize OLED panels from Samsung Display for its first foldable iPhone, anticipated to launch in the latter half of next year. This strategic decision highlights Samsung Electronics' (SSNLF, Financial) technological superiority in minimizing screen creases, a critical aspect of foldable phone design. The foldable iPhone is expected to feature a premium OLED panel akin to the 7.8-inch iPad Mini, with an external display anticipated to be a 5.5-inch OLED, possibly priced at around $2,000.
Goldman Sachs has issued a positive outlook on GSK's (GSK, Financial) RSV vaccine Arexvy ahead of a significant CDC meeting. The CDC's Advisory Committee on Immunization Practices is set to review U.S. immunization guidelines, including updates on measles, COVID-19, RSV, and Mpox vaccines. GSK's Arexvy, along with Pfizer's (PFE, Financial) Abrysvo, will be under scrutiny during this review.
Bank of America (BAC, Financial) saw a 2.1% rise in premarket trading following better-than-expected earnings. The bank reported an 18% year-over-year increase in GAAP EPS, attributed to growth in net interest income and fee income. The Global Markets division's sales and trading revenue growth marked its 12th consecutive quarter of year-over-year revenue growth, boosting investor confidence.
Johnson & Johnson (JNJ, Financial) posted strong Q1 results, exceeding Wall Street expectations and raising its full-year sales outlook. The pharmaceutical segment's performance offset the MedTech segment's weakness, with adjusted earnings per share reaching $2.77, surpassing consensus by $0.19 on $21.9 billion in revenue.
PepsiCo (PEP, Financial) received a downgrade from Bank of America, lowering its rating to Neutral from Buy. Despite international segments contributing significantly to sales and profit growth, concerns were raised about the slower growth at Frito-Lay North America. BofA sees limited potential for PepsiCo's topline outperformance or significant EPS growth in the coming years.
Applied Digital (APLD, Financial) shares fell over 11% in premarket trading after reporting third-quarter revenue that missed market expectations. The digital infrastructure company reported an adjusted loss per share of -$0.08 on $52.9 million in revenue. The company plans to explore strategic options for its cloud services business to capitalize on favorable market conditions.
The Trump administration is investigating the impact of pharmaceutical and semiconductor imports on national security, potentially setting the stage for tariffs on these sectors. The probes will assess demand and domestic production capabilities, as well as the potential for export restrictions, under Section 232 of the Trade Expansion Act of 1962.
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