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Dow 34,000, Morgan Stanley, DraftKings, Coinbase - 5 Things You Must Know

Stock futures are rising Friday; Morgan Stanley reports earnings; Cathie Wood's ARK funds buy more Coinbase; DraftKings, Caesars and FanDuel strike NFL betting deals.

Here are five things you must know for Friday, April 16:

1. -- Stock Futures Rise After Record Highs for Wall Street

Stock futures rose Friday and shares in Asia traded higher after data showed soaring growth for China’s economy in the first quarter.

Contracts linked to the Dow Jones Industrial Average rose 48 points, S&P 500 futures gained 4 points and futures on the tech-heavy Nasdaq were up 2 points.

The Dow closed at a record high of 34,035 on Thursday and the S&P 500 reached an all-time high after U.S. retail sales and jobless claims and solid earnings reports pointed to a recovering domestic economy.

"Stellar jobless claims plus off the charts retail sales packs a positive one-two punch and sends strong signals that the economy is full steam ahead toward recovery," said Mike Loewengart, managing director of investment strategy at E*Trade. "While we haven’t necessarily seen the market move on strong economic beats or misses, it’s certainly a step in the right direction. And with earnings season off to a solid start, the case for continued bullishness should not be ignored," Loewengart added.

The yield on the 10-year U.S. Treasury edged higher Friday to 1.573%. The 10-year Treasury note sank Thursday to 1.531%, the lowest in four weeks.

In China, gross domestic product jumped a record 18.3% in the first quarter. The figures were magnified by comparisons with a year earlier when the economy was locked down because of the coronavirus outbreak.

Economists expect the brisk expansion in China, the world's second-largest economy, to moderate as manufacturing and consumer spending return to normal.

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2. -- Friday's Calendar: Morgan Stanley Earnings, Housing Starts

Morgan Stanley  (MS) - Get Morgan Stanley Report posted first-quarter adjusted earnings of $2.22 a share, beating analysts' estimates of $1.72.

Earnings are also expected Friday from PNC Financial Services  (PNC) - Get PNC Financial Services Group, Inc. Report, Bank of New York Mellon  (BK) - Get Bank of New York Mellon Corporation Report, Ally Financial  (ALLY) - Get Ally Financial Inc Report, Kansas City Southern  (KSU) - Get Kansas City Southern Report and State Street  (STT) - Get State Street Corporation Report

The U.S. economic calendar for Friday includes Housing Starts and Permits for March at 8:30 a.m. and Consumer Sentiment for April at 10 a.m.

3. -- Cathie Wood's ARK Funds Buy More Coinbase Shares 

The funds of star manager Cathie Wood have purchased about $352 million worth of shares in Coinbase Global  (COIN)  over two days.

Wood’s funds, including her flagship ARK Innovation ETF  (ARKK) - Get ARK Innovation ETF Report, bought 341,186 shares in total on Thursday, according to data released by the funds in an email, Bloomberg reported. That takes ARK Investment Management's purchases of Coinbase, the world's biggest cryptocurrency exchange, past 1 million shares. 

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Coinbase was trading down 0.94% to $319.73 in premarket trading Friday. It closed Thursday at $322.75. The stock made its trading debut Wednesday with a first trade of $381, 52% above its reference price of $250 a share. 

Meanwhile, Coinbase said ethereum and ERC-20 withdrawals have been re-enabled after they were disabled Thursday while the company while the company investigated a "potential issue" due to a recent network upgrade.

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4. -- Pfizer CEO Says Third Vaccine Shot Likely Within a Year

Pfizer  (PFE) - Get Pfizer Inc. Report CEO Albert Bourla said people taking the drug giant’s COVID-19 vaccine “likely” will need a third dose of it within a year of being fully vaccinated.

Vaccinations also may be necessary every year, Bourla told CNBC. He made the comments April 1, but they were aired Thursday.

“We need to see what would be the sequence, and for how often we need to do that, that remains to be seen,” he said. “A likely scenario is that there will be … a need for a third dose, somewhere between six and 12 months. And from there, there will be an annual revaccination, but all of that needs to be confirmed. And again, the variants will play a key role.”

“It is extremely important to suppress the pool of people that can be susceptible to the virus,” Bourla said.

Many medical experts have said an annual vaccination may be necessary, just like annual flu shots. Johnson & Johnson  (JNJ) - Get Johnson & Johnson Report CEO Alex Gorsky told CNBC that in February.

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5. -- DraftKings, Caesars and FanDuel Strike Betting Deals With NFL

The National Football League named DraftKings  (DKNG) - Get DraftKings Inc Class A Report, Caesars Entertainment  (CZR) - Get Caesars Entertainment Inc Report and privately held FanDuel as “official sports betting partners” in a boost for online gaming businesses.

Under the multiyear agreements, the companies will be able to use NFL trademarks in retail and online sports betting promotion, as well as in free-to-play NFL-themed games.

DraftKings, Caesars and FanDuel also will be able to integrate sports betting content directly into NFL media properties such as NFL.com and the NFL app. The companies will all use the NFL’s official league data feed. 

“As the sports betting landscape has continued to evolve in the United States, we have been thoughtful with our strategy and are excited to announce three partners who share the NFL’s vision and goals,” said Renie Anderson, chief revenue officer and executive vice president of NFL Partnerships. “Working closely with Caesars, DraftKings and FanDuel, we will provide fans new and different ways of interacting and engaging with the sport they love.”

NFL Commissioner Roger Goodell had long opposed sports betting over fears of corrupting football. But a Supreme Court ruling in 2018 cleared the way for states to allow sports gambling. 

Caesars will continue as the NFL's official casino sponsor. DraftKings renewed its role as the league's official daily fantasy sports partner.