5 Things You Must Know Before the Market Opens Friday - TheStreet

Updated to include earnings from Procter & Gamble and Schlumberger.

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Here are five things you must know for Friday, Jan. 20:

1. -- U.S. stock futures turned higher Friday ahead of Donald Trump's inauguration as the 45th president of the United States.

Trump's inauguration begins around 11:30 a.m. EST.

European stocks were rising Friday while Asian shares finished the session mixed.

The specter of a Trump presidency loomed over Wall Street on Thursday as investors wrestled with the changes and uncertainty the new administration could bring.

The Dow Jones Industrial Average fell for the fifth straight session, further distancing itself from recent records. The Dow fell 0.37%, putting the index more than 250 points away from 20,000, a level it has never reached and one it appeared certain to hit just weeks ago. The S&P 500 declined 0.36%, and the Nasdaq slipped 0.28%. 

"The question surrounding the financial markets will be whether or not most of (Trump's) campaign rhetoric regarding trade agreements will actually be implemented," Peter Cardillo, chief market economist, wrote in a note. "We suspect in large part it will be watered down. The mere thought of it, however, will raise the possibilities that trade wars will develop, thus bringing the world financial order closer to protectionism than at any time since the early 1930s."

The economic calendar in the U.S. on Friday includes the weekly Baker-Hughes Rig Count at 1 p.m. EST

Philadelphia Federal Reserve Bank President Patrick Harker is scheduled to discuss the U.S. economic outlook at the New Jersey Bankers Association's Economic Leadership Forum in Somerset, N.J., at 9 a.m., while San Francisco Fed President John C. Williams will give closing remarks at the Bay Area Council's Annual Economic Forecast in San Francisco, at 1 p.m.

2. -- While unemployment has fallen and inflation is starting to rise slightly, Federal Reserve Chair Janet Yellen said Thursday she doesn't believe the central bank has fallen behind the curve and needs to start pushing interest rates up more quickly, the Associated Press reported.

But Yellen acknowledged that it would be "risky and unwise" to allow the economy to overheat by keeping interest rates too low for too long.

Yellen spoke Thursday on the eve of Trump's inauguration at Stanford University.

Yellen said she believes the central bank is on the "prudent" course of gradually raising rates.

In December, the central bank raised its benchmark rate by a quarter-point to a new range of 0.5% to 0.75%, only the second time the Fed lifted rates in the past year. The Fed also has indicated it expects another three rate hikes in 2017.

3. -- General Electric (GE) - Get Report  posted fourth-quarter earnings of 46 cents a share, in line with estimates. Revenue fell 2% to $33.09 billion and came in below estimates of $33.94 billion. The stock fell 0.6% in premarket trading. 

Procter & Gamble (PG) - Get Reportearned an adjusted $1.08 in its fiscal second quarter, 2 cents above estimates. The stock rose 2.2% in premarket trading.

Schlumberger'd (SLB) - Get Report  fourth-quarter adjusted profit was 27 cents a share, in line with estimates.

General Electric and Schlumberger are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells GE or SLB? Learn more now.

4. -- Shares of  IBM (IBM) - Get Report  were coming off 52-week highs in premarket trading on Friday after the tech giant's fourth-quarter sales and earnings topped analysts' forecasts and IBM issued upbeat guidance for 2017.

IBM posted adjusted earnings of $5.01 a share in the fourth quarter, exceeding analysts' expectations of $4.88. Revenue declined 1% from a year earlier to $21.8 billion but still managed to beat Wall Street's estimates.

IBM said its technology services and cloud platforms saw revenue increase 1.7% from last year to $9.3 billion. For the full year, IBM said cloud revenue rose 35% to $13.7 billion. 

IBM said it expects adjusted earnings in 2017 of at least $13.80 a share, slightly higher than analysts' projections for adjusted earnings of $13.74. 

Shares of IBM were falling 2.4% to $162.75 in after-hours trading on Thursday, after initially spiking on news of the report.

The stock topped $170 in late trading on Thursday but was down 2% in premarket trading Friday to $163.55.

5. --  American Express (AXP) - Get Report posted profit in the last three months of 2016 below what analysts expected as CEO Kenneth Chenault boosted promotional spending by 35% to replace some of the revenue lost with the Costco portfolio. 

Earnings of 91 cents a share came in below estimates of 98 cents. Net income dropped 8% from a year earlier to $825 million. 

"Our underlying business performance gave us the flexibility to significantly ramp up marketing and promotion initiatives that have been targeted to provide a mix of returns over the short, medium and longer term," Chenault said in a statement. "While we continue to operate in a very challenging environment, we ended the year in a stronger position than we started and have built momentum across our business."

 Revenue in the quarter fell 4% to $8 billion, topping forecasts of $7.9 billion. Excluding the branded-card deal with Costco, which was included in last year's results, as well as the effects of foreign exchange rates, net revenue was 6% higher, partly due to "higher adjusted card member spending."

The stock fell 2.2% in premarket trading on Friday.