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Peloton, Oracle, NFL and 9/11 - 5 Things You Must Know Friday

Stock futures rise Friday following a 2% decline in the Nasdaq index; Peloton posts its first profit as a public company; the Kansas City Chiefs kick off their defense of the Super Bowl championship by defeating the Houston Texans.

Here are five things you must know for Friday, Sept. 11:

1. -- Stock Futures Point to Wall Street Gains

Stock futures rose Friday following a 2% decline in the Nasdaq index as traders questioned the valuations of some tech highfliers.

Contracts linked to the Dow Jones Industrial Average were up 214 points, S&P 500 futures rose 31 points and Nasdaq futures jumped 112 points.

Stocks finished lower Thursday as Wall Street digested a disappointing report on U.S. jobless claims and as a rally in technology stocks fizzled. The S&P 500 fell for the fourth time in five days, putting it on pace for its second straight weekly loss.

The Nasdaq tumbled 1.99% as tech stocks such as Apple  (AAPL) - Get Apple Inc. (AAPL) Report, Amazon.com  (AMZN) - Get Amazon.com, Inc. Report and Alphabet  (GOOGL) - Get Alphabet Inc. Class A Report declined.

“Big tech stocks might have seemed like safe havens, but they have found themselves at the center of a brutal selloff,” said Stephen Innes, chief global market strategist at AxiCorp.

The economic calendar in the U.S. Friday includes the Consumer Price Index for August at 8:30 a.m. ET. Economists surveyed by FactSet expect consumer prices in August to have risen 0.3%, with core CPI, which excludes food and energy costs, up 0.2%. Core CPI's year-over-year rate is expected to remain unchanged from July's 1.6%.

Kroger  (KR) - Get Kroger Co. (KR) Report, the nation’s biggest grocer, reports earnings Friday.

2. -- Peloton Posts First Profit as Public Company

Peloton Interactive  (PTON) - Get Peloton Interactive, Inc. Class A Report posted its first quarterly profit as a public company as demand for its at-home fitness equipment during the coronavirus pandemic has been fierce. 

The stock was jumping 11% to $97.51 in premarket trading Friday. Peloton's initial public offering price in September 2019 was $29 a share.

Peloton posted fiscal fourth-quarter profit of 27 cents a share on sales of $607.1 million, a jump from year-earlier revenue of $223 million.

Peloton doubled its connected-fitness-subscription base from a year earlier to more than 1.09 million while paid digital subscriptions tripled to more than 316,800. The company pegged its total membership base at 3.1 million. 

Sales for the fiscal year were $1.83 billion, up from $915 million. Revenue from equipment sales was $1.46 billion.

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For the fiscal first quarter, Peloton expects connected-fitness subscriptions of between 1.32 million and 1.33 million. It expects revenue to triple from a year earlier, to between $720 million and $730 million.

For fiscal 2021, Peloton expects to have between 2.05 million and 2.1 million connected-fitness subscriptions and revenue of between $3.5 billion and $3.65 billion. 

3. -- Oracle Beats Earnings and Revenue Estimates

Oracle  (ORCL) - Get Oracle Corporation Report was rising 4.45% to $59.88 in premarket trading Friday after the software giant topped Wall Street estimates on earnings and revenue.

For its fiscal first quarter, the company reported earnings of 72 cents a share on a 2% gain in revenue to $9.4 billion. Adjusted earnings in the period were 93 cents a share. Analysts were expecting adjusted profit of 86 cents a share on sales of $9.17 billion.

CEO Safra Catz said on a conference call that Oracle's business was “only briefly interrupted” by the coronavirus pandemic.

The company's infrastructure businesses grew rapidly as revenue from its partnership with Zoom Video  (ZM) - Get Zoom Video Communications (ZM) Report more than doubled in the first quarter from last year's fourth quarter, Catz said.

She added she has a "high level of confidence" that Oracle's revenue will accelerate post the pandemic. 

Oracle has been in talks to acquire TikTok's operations in the U.S., Canada, Australia and New Zealand. Catz wouldn't address questions about TikTok on the conference call.

4. -- Chiefs Beat Texans 34-20 in NFL Season Opener

Super Bowl MVP Patrick Mahomes threw for 211 yards and three touchdowns and the Kansas City Chiefs began defense of their NFL championship by beating the Houston Texans 34-20 on Thursday night.

 Fireworks & Fog: Texans Defense Again Befuddled In 34-20 Chiefs Win

The coronavirus pandemic allowed for only about 17,000 socially distanced fans at the season opener at Arrowhead Stadium.

5. -- Friday Marks the 19th Anniversary of 9/11

Friday marks the 19th anniversary of 9/11, the September day in 2001 when nearly 3,000 people died in the worst terrorist attacks on U.S. soil.

Families of 9/11 victims again will gather at the World Trade Center site, but because of the coronavirus pandemic the program won't include a live reading of victims' names. The 9/11 Memorial and Museum in New York instead will play a recording of victims’ names.

Donald Trump and Joe Biden at different times Friday will commemorate the Sept. 11 anniversary near Shanksville, Pennsylvania, where one of the hijacked planes crashed in 2001.