Updated from 6:56 a.m. EDT
Here are 10 things you should know for Friday, May 16:
1. -- U.S. stock futures suggested a weaker start for equities on Friday after Wall Street suffered heavy losses in the previous session.
European stocks were flat while Asian shares ended mixed. Japan's Nikkei 225 index fell 1.4%.
Indian stocks jumped Friday as preliminary results from national elections indicated the pro-business opposition and its leader Narendra Modi had won a landslide victory.
2. -- The economic calendar in the U.S. on Friday includes housing starts and building permits for April at 8:30 a.m. EDT, and the University of Michigan Sentiment Index for May at 9:55 a.m.
3. -- U.S. stocks on Thursday fell amid mixed economic data, while retail stocks dropped on disappointing earnings. Small caps, as measured by the Russell 2000, declined more than 1.6%.
The Dow Jones Industrial Average closed down 1.01% to 16,446.81 while the S&P 500 fell 0.94% to 1,870.85. The Nasdaq fell 0.76% to 4,069.29.
4. -- Warren Buffett's Berkshire Hathaway (BRK.A) disclosed on Thursday it had taken a stake of 11 million shares in Verizon (VZ) worth more than $500 million. The conglomerate added marginally to its investment in IBM amid the IT services giant's struggles.
IBM was the only stock of Berkshire's so-called big four stock investments that was added to in the quarter. The other stocks are Wells Fargo (WFC), Coca-Cola (KO) and American Express (AXP). Berkshire's buying was limited to just 233,100 new shares of IBM, less than 1% of the company's overall investment in IBM.
IBM shares were down 0.3% in premarket trading to $185.87.