Here are five things you must know for Friday, May 24:
1. -- Stock Futures Point Higher Following Week of Bruising Losses
U.S. stock futures rose on Friday and global stocks steadied following a week of bruising losses sparked by worries of a prolonged U.S.-China trade war and increasing signals of a slowing world economy.
Contracts tied to the Dow Jones Industrial Average were up 172 points, futures for the S&P 500 gained 19.85 points, and Nasdaq futures rose 48 points.
The Dow closed nearly 300 points lower on Thursday as investors fretted over series of grim readings on manufacturing activity in major global economies and watched oil prices in the U.S. plunge 5.7% in the session.
The tech-heavy Nasdaq has declined 2.4% so far this week amid concerns that companies in the technology sector increasingly will be vulnerable should trade tensions between Washington and Beijing escalate throughout the summer.
Politico, in fact, reported Friday that the White House was prepared to intensify restrictions on U.S. tech companies that do business with China, citing sources who said the Commerce Department will roll back regulations that ease tech-sector exports.
The economic calendar in the U.S. Friday includes Durable Goods Orders for April at 8:30 a.m. ET.
2. -- British Prime Minister Theresa May to Resign
Theresa May said Friday she will step down as head of the country's ruling Conservative Party on June 7 but will remain prime minister for another few weeks, throwing the much-delayed Brexit process deeper into chaos.
In a tearful statement outside Downing Street, May said it was the "honor of my life" to serve as prime minister, but conceded her failure to deliver Britain's exit from the European Union meant it was time for her to step down. She will stay on as prime minister until her party chooses a successor, which is expected to take at least four to six weeks.
May's departure puts Britain's Brexit process into uncharted territory, with lawmakers bitterly divided as to how, when and if the country can leave the European Union before the recently extended Oct. 31 deadline.
3. -- HP Rises After Lifting Earnings Guidance
The stock rose 3.34% in after-hours trading on Thursday to $19.83.
Adjusted earnings in the period were 53 cents a share as revenue rose 0.2% to $14 billion. Analysts were calling for earnings of 51 cents a share on revenue of $13.95 billion. Personal Systems Group revenue, HP's largest segment, was $8.92 billion, below estimates of $8.98 billion.
HP said it expects fiscal third-quarter adjusted earnings of 53 cents to 56 cents a share - analysts expect 55 cents. The company estimated full-year adjusted profit of $2.14 to $2.21 a share, above its previous outlook.
"We're taking very decisive actions on the plans that we outlined last quarter," CEO Dion Weisler told investors on a conference call late Thursday. "Since then, I've put a supplies task force as well as a global program office in place with a primary focus on EMEA and then to ensure consistency across all of the regions. We've identified and begun implementing several challenges already."
"We're upping our game in terms of brand protection," he added. "We're going to defend our brand as well as our intellectual property to ensure that our customers receive the quality, the benefits, the sustainability and environmental advantages that original HP supplies provide."
4. -- Splunk Slips Despite Earnings Beat
Splunk (SPLK - Get Report) posted a loss of $1.04 a share in its fiscal first quarter but earnings on an adjusted basis were 2 cents a share, beating analysts' forecasts that called for a non-GAAP loss of 14 cents.
Revenue of $425 million beat the company's own guidance of about $395 million.
Splunk said in the quarter it signed more than 400 new enterprise customers.
The cloud computing software company said it expects second-quarter revenue of about $485 million, higher than analysts' forecasts, and fiscal 2020 revenue of $2.25 billion, up from previous guidance of $2.2 billion.
The company also reaffirmed guidance for fiscal-year adjusted operating margin of about 14%.
The stock declined 2.2% in premarket trading Friday to $125.90.
5. -- Autodesk Tumbles After Surprise Loss
Autodesk (ADSK - Get Report) tumbled in premarket trading Friday after the software company reported a first-quarter loss of 11 cents a share, a surprise to analysts were were calling for GAAP earnings of 12 cents a share.
Adjusted earnings in the quarter were 45 cents a share, 2 cents below forecasts.
Revenue rose 31% in the quarter to $735 million and came up short of analysts' estimates of $741 million.
The stock was down 7.4% in premarket trading to $157.