Here are five things you must know for Friday, May 10:
1. -- Stock Futures Slip as U.S. Increases Tariffs on Chinese Goods
U.S. stock futures were down modestly on Friday as investors reacted to Donald Trump's decision to increase tariffs on China-made goods in the steepest escalation of the ongoing trade war between the world's two biggest economies.
The president made good on his threat, first revealed in a tweet five days ago, to raise tariffs to 25% on about 5,700 product categories comprising around $200 billion of Chinese imports. The new tariff level, however, won't apply to goods that are already headed to the United States, providing Washington and Beijing with a two-week window to try to reach a comprehensive agreement that could roll back the tariff increases.
China's Commerce Ministry vowed retaliation, saying in a statement Friday that unspecified countermeasures would be deployed following the "disappointing" decision by the U.S. But the two-week window, as well as the fact that China's Vice Premier Liu He remains in Washington for a second day of talks with top U.S. trade officials, lifted global sentiment.
Contracts tied to the Dow Jones Industrial Average declined 22 points, futures for the S&P 500 fell 5.70 points, and Nasdaq futures were down 5.50 points. The indexes are headed for their worst weekly returns so far in 2019.
The economic calendar in the U.S. Friday includes the Consumer Price Index for April at 8:30 a.m. ET. Economists surveyed by FactSet expect inflation at the consumer level to rise 0.4% in April, steady with March, while core CPI, which excludes food and energy, to increase 0.2%. CPI year over year is forecast at 2.1%.
Marriott International (MAR) - Get Marriott International, Inc. (MAR) Report earned $1.41 a share in the first quarter, 7 cents better than analysts' estimates. Revenue of $5.01 billion missed forecasts of $5.11 billion. The hotel company said it expects second-quarter earnings of $1.52 to $1.58 a share, below estimates of $1.62.
Earnings reports are also expected Friday from Viacom (VIAB) - Get Viacom Inc. Class B Report , Cars.com (CARS) - Get Cars.com, Inc. Report , Tribune Media (TRCO) - Get Tribune Media Co. Class A Report , JD.com (JD) - Get JD.com, Inc. (JD) Report and Weatherford International (WFT) - Get Weatherford International plc Report .
2. -- Uber's IPO Values the Ride-Hailing Giant at $82 Billion
The initial public offering for Uber Technologies was priced at $45 a share, near the bottom of the $44 to $50 range that the ride-hailing giant initially set in a regulatory filing.
At $45 a share, Uber would be valued at $82 billion, a lower valuation than earlier reports had suggested. The company will raise about $8 billion in the deal.
The size of the valuation makes Uber the largest IPO since Alibaba (BABA) - Get Alibaba Group Holding Ltd. Sponsored ADR Report went public in 2014 at a valuation, at the close of trading, of $231 billion.
Uber's IPO is a much-anticipated event for the markets, but how it will perform as a public stock is far from certain.
Rival Lyft (LYFT) - Get Lyft Inc Class A Report , which went public on March 29 at $72 a share, has declined 32.4% since then amid questions about its ability to turn a profit. It posted a larger-than-expected loss in its first earnings report this week, but Lyft executives told investors that 2019 will be a "peak year" for losses.
Uber reported a loss of $1 billion in the first quarter along with slowing top-line growth.
- Uber IPO: Rough Ride or Surge Pricing for $82 Billion Ride-Hailing Debut?
- Uber's IPO Will Tell Us a Lot About This Market
3. -- Symantec Plunges After CEO Greg Clark Resigns
Symantec (SYMC) - Get Symantec Corporation Report plunged 16.3% in premarket trading Friday to $18.55 after CEO Greg Clark resigned and the antivirus software provider issued weaker-than-expected revenue guidance.
Director Richard Hill was named interim CEO to replace Clark, who led the security-software company for three years.
Adjusted earnings in the fiscal fourth quarter were 39 cents a share on revenue of $1.19 billion. Analysts had been calling for a profit of 39 cents a share on sales of $1.21 billion.
"Our Enterprise Security revenue was below our guidance range due to lower-than-expected bookings, which led to year-over-year reported billings declining greater than we anticipated," Hill said in a statement. "Despite this weakness, we remain confident in our Integrated Cyber Defense strategy, which has produced a strong and competitive product portfolio."
Symantec said it expects current fiscal-year revenue of $4.75 billion to $4.89 billion, and earnings between 57 cents and 73 cents a share. Analysts were calling for revenue of $4.97 billion and earnings of 56 cents a share.
The company also said Vincent Pilette, the former financial chief of Logitech International, was named chief financial officer and would begin May 21.
4. -- Wynn Resorts Tumbles After Revenue Miss
Adjusted earnings in the quarter were $1.61 a share topping forecasts by 2 cents, but revenue of $1.65 billion fell 4% from a year earlier and came in below estimates of $1.67 billion.
CEO Matt Maddox said on a conference call that casino revenue would soon rebound.
"I don't know how long that area is going to be compressed, but what I do know is the demand is still there," Maddox said. "And so, we feel very comfortable that when that business begins to come back, we're going to be perfectly situated to capture it."
Wynn shares declined earlier this week amid concerns that the company's sizable operations in China will be negatively impacted by the trade war between the U.S. and Chinese governments.
Wynn Resorts gets about 75% of its revenue from China, according to FactSet.
5. -- Booking Holdings' First-Quarter Bookings Top Estimates
Booking Holdings (BKNG) - Get Booking Holdings Inc. Report rose 2.7% to $1,782.30 in premarket trading Friday after the travel company posted first-quarter bookings slightly higher than estimates and adjusted earnings came in lower than forecasts.
Bookings in the quarter were $25.41 billion, above estimates of $25.31 billion. Adjusted earnings were $11.17 a share, below Wall Street estimates of $11.30. Revenue of $2.83 billion missed estimates of $2.93 billion.
"Q1 was a solid start to the year," said CEO Glenn Fogel. "We recorded 217 million room nights booked in the quarter, which is up 10% year over year. We continue to execute against a very large market opportunity and will manage our business with a long-term view in order to capture it."
The company said it expects second-quarter bookings to fall or rise by 1% from a year earlier, revenue growth of 5% to 7% and adjusted earnings of $22.15 to $22.60. Analysts forecast earnings of $22.45 a share.