Stock Futures Fluctuate Ahead of July 4 Weekend
Stock futures fluctuated in what likely will be a quieter session ahead of the long Independence Day weekend.
S&P 500 futures were down 0.04%, Dow Jones Industrial Average futures slid 0.02%, and Nasdaq futures fell 0.03%. Futures had been slightly higher earlier in the day.
"We're likely going to see some skeleton crews on Wall Street as many usually take long holiday weekends to enjoy the summer around holidays," said James Stanley, currency analyst at DailyFX. "This is relevant for traders because this could mean lower levels of liquidity."
It's been a wild week for stocks. Wall Street began the week in sharp decline after the shock of Friday's pro-Brexit vote, before snapping into recovery mode. Stocks recovered from the Brexit selloff on hopes of increased monetary stimulus from the world's central banks. Bank of England Governor Mark Carney fueled those hopes on Thursday when he noted that the central bank would likely need to implement further easing.
Stocks ended the month and second quarter on a confident note on Thursday, ending the session at the day's highs. For the entire three months from April to June, the S&P 500 posted gains of nearly 2%. A major quarterly rally in crude oil prices helped to boost equities. The commodity ended the quarter with gains of 26%, its best quarterly performance since 2009, thanks to disruptions to global oil production, particularly in Canada, Nigeria and Venezuela.
Apple (AAPL) - Get Report reportedly is in talks to acquire music streaming service Tidal in a bid to bolster its own music-streaming business Apple Music, which it launched last year. Talks are ongoing, though may not result in a deal, sources told The Wall Street Journal. Unlike other streaming services, Tidal does not have a free option and instead relies on exclusive music contracts to grow subscriptions.
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Tesla Motors (TSLA) - Get Report declined more than 3% in premarket trading after confirming that regulators had begun a preliminary investigation into the fatal crash of a Model S vehicle in "autopilot" mode in Florida early May. The feature automatically changes lanes and independently reacts to changes in traffic conditions.
Micron Technology (MU) - Get Report slid more than 9% in premarket trading after a disappointing third quarter. The chipmaker reported a 25% decline in revenue to $2.9 billion, missing estimates of $2.96 billion. A net loss of 8 cents a share was a penny narrower than forecast. The company also announced an unspecified number of job cuts as part of a cost-cutting plan expected to save more than $300 million in fiscal 2017.
Chipotle (CMG) - Get Report was slightly lower after chief creative and development officer, Mark Crumpacker, was indicted for his role in a cocaine drug ring. Crumpacker has been charged with drug possession and criminal possession of a controlled substance. Eighteen buyers have been charged in the ring.
Netflix (NFLX) - Get Report rose 3% after Canaccord analysts initiated the stock with a buy rating and $120 price target. The firm said the video-streaming service has the potential to post sustained subscriber growth.