Here are five things you must know for Friday, April 20:
1. -- Stock Futures Turn Higher
Contracts tied to the Dow Jones Industrial Average rose 3points, while those linked to the broader S&P 500 were up 3.25 points. Futures for the Nasdaq rose 0.75 points.
Stocks finished lower on Thursday, April 19, with the Dow Jones Industrial Average falling 83 points, or 0.34%, to 24,664 as shares of Procter & Gamble Co. (PG) - Get Report and Apple Inc. (AAPL) - Get Report tumbled. The S&P 500 fell 0.57% and the Nasdaq lost 0.78% after chipmakers tumbled following a weak forecast from Apple supplier Taiwan Semiconductor Manufacturing Co. (TSM) - Get Report .
The three benchmark indexes, however, remained higher for the week.
The U.S. economic calendar on Friday includes the Baker-Hughes Rig Count for the week ended April 20, at 1 p.m. ET.
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2. -- General Electric, Honeywell Highlight Friday's Earnings Calendar
General Electric reported first-quarter adjusted profit of 16 cents a share, topping Wall Street forecasts of 12 cents. Revenue for the company came in at $26.87 billion, below estimates of $27.6 billion.
The stock jumped 5.1% in premarket trading on Friday.
Schlumberger NV (SLB) - Get Report posted first-quarter adjusted earnings of 38 cents a share, beating estimates by 1 cent. Revenue of $7.83 billion also topped analysts' views. The stock was down slightly in premarket trading.
3. -- Wells Fargo to Be Fined $1 Billion
The U.S. Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency last week proposed Wells Fargo to pay the penalty to resolve probes into auto insurance and mortgage lending abuses at the bank, the third-largest in the U.S.
4. -- China's ZTE Says U.S. Ban Threatens Its Survival
ZTE Corp. (ZTCOY) , one of China's biggest tech companies, warned Friday that a ban on access to U.S. technology threatens the company's survival and said it was looking for a legal solution.
The U.S. imposed the ban Monday, April 16, in a case involving exports of telecoms equipment to Iran and North Korea. U.S. companies are barred from selling technology to state-owned ZTE for seven years.
That could handicap ZTE's smartphone business, which uses Google's (GOOGL) - Get Report Android system, and crimp a multibillion-dollar revenue flow to companies such as Qualcomm Inc. (QCOM) - Get Report that supply chips, software and other technology, the Associated Press noted.
ZTE pleaded guilty in March 2017 and agreed to pay a $1.19 billion penalty for shipping equipment to Iran and North Korea in violation of U.S. regulations. The company promised to discipline employees involved in the scheme, but the U.S. Commerce Department said this week they were paid bonuses instead, the Associated Press reported.
5. -- Qualcomm Begins Layoffs
Speaking of Qualcomm, the chipmaker has begun layoff off employees in an effort to shed $1 billion in expenses.
Qualcomm will cut more than 4% of its workforce starting in June, according to documents filed California's Employment Development Department. More than 1,500 layoffs will be in California, including San Diego, where the company's headquarters are located.
The layoffs include both full- and part-time workers.
"We concluded that a workforce reduction is needed to support long-term growth and success, which will ultimately benefit all our stakeholders," a spokesperson told CNN Money.
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