Market Hustle: Stock Futures Point Lower; Apple, Ralph Lauren Slip
NEW YORK (TheStreet) -- Stocks futures were pointing lower Friday as investors awaited labor market survey results and as Apple (AAPL - Get Report), Ralph Lauren (RL - Get Report), CBS (CBS), and Omnicom (OMC) shares took a dive.
- Dow Jones Industrial Average futures were down 34 points, or 22.97 points below fair value, to 16,476 while the S&P 500 futures were down 4.5 points, or 3.28 points below fair value, to 1,867.75. Nasdaq futures were down 13.7 points, or 11.62 points below fair value, to 3,523.8.
- The economic calendar on Friday includes wholesale inventories for March at 10 a.m. EDT. The Labor Department's Job Openings and Labor Turnover Survey for March is scheduled for 10 a.m. as well and is expected to be closely watched by Federal Reserve Chair Janet Yellen for labor market trends.
- Fed speakers expected to make public appearances Friday included FOMC voting members Narayana Kocherlakota, the Minneapolis Federal Reserve Bank president, and Richard Fisher, the Dallas Fed Bank president.
- On the corporate front, Apple was garnering attention. Shares were edging 0.68% lower as The Financial Times reported the company could make its largest acquisition with the planned $3.2 billion purchase of Beats Electronics, the headphone maker and music streaming operator founded by music producer Jimmy Iovine and hip-hop star Dr Dre.
- Omnicom fell 2.3% as the company and France's Publicis scrapped merger plans that would have created the world's largest advertising firm.
- Ralph Lauren was plunging 6.57% after saying it expects its fiscal 2015 operating margin to be 75 to 125 basis points a year earlier due to continued investment in the company's global retail development and infrastructure, and increased advertising and marketing expense.
- CBS was dipping 2.6% after first-quarter revenue missed expectations following a 12% decline in advertising sales.
- Tesla (TSLA) shares rose 1% in premarket trading to $180.42, despite reports that Missouri's state legislature could try to stop the electric carmaker from selling cars directly to customers.
- European markets were weaker Friday after prior session gains that took place after European Central Bank President Mario Draghi suggested the central bank could announce new easing measures soon. Tepid corporate results were weighing on European stocks Friday. The FTSE 100 in was slipping 0.38% and the DAX was down 0.3%.
- The Nikkei 225 in Japan finished up 0.25% while the Hong Kong Hang Seng closed up 0.12% as China consumer inflation slowed more than expected.
- The global markets will continue to keep a close eye on Ukraine heading into the weekend as Pro-Russian separatists vow to move forward with a referendum on Sunday to form their own republic even as Russia urges that the vote be postponed and fears of Victory Day violence spiked.
- Markets closed mixed Thursday as Yellen reiterated her positive economic outlook and as tech stocks tumbled again.
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