Stock Market Today - Netflix in Talks With Chinese Firms to Offer Content There

NEW YORK ( TheStreet) -- A quiet Friday morning is upon us.

Global bond markets quieted down as yields receded after some extreme movements, while the euro weakened some. Markets overseas were generally positive with the exclusion of China, which saw a decent pullback. Oil prices were not meaningfully changed this morning and U.S. equity futures are indicated higher.

Eyes are back on Iran this morning after the Iranian Navy fired shots at a Singapore-flagged tanker, which was able to escape to United Arab Emirates' waters and elude capture. Apparently, Iran wanted to seize the vessel, which it claimed damaged an Iranian oil platform a few months back. No one was hurt in the scuffle.

The Wall Street Journal is reporting that Netflix (NFLX) is in negotiations with local Chinese companies about offering its content in China.

Today's domestic economic calendar includes: the May Empire State Manufacturing Survey at 8:30 a.m. ET with consensus at 5.0; the April Industrial Production report at 9:15 a.m. with expectations of a 0.0% report; the preliminary May University of Michigan Consumer Sentiment report at 10 a.m. with estimates calling for a 95.9 reading and the Baker Hughes rig count at 1 p.m.

Happy trading!

  • Japan's big trading houses plan to step up asset sales and wind back investment spending by up to $10 billion in the next three years. Trading houses led by Mitsubishi and Mitsui import everything from oil to corn to sustain the resource-poor economy. But the top five trading houses had to write down more than $5 billion after a misjudged shopping spree during the commodities boom.
  • China's Prime Minister Li Keqiang has ordered government bureaucrats to speed up implementing reforms in order to help grow the economy.
  • Spain's telecom giant Telefonica reported a jump of 162% in first-quarter profit, illustrating the strength of the Spanish economic recovery.
  • Mobile operators plan to block online ads unless they get a share of the revenues, in a move that would set them on a collision course with big companies such as Google (GOOGL), AOL (AOL) or Yahoo! (YHOO), the FT reports.
  • Pimco said it would liquidate two of its equity strategies as it narrows its focus on stocks. It will close Emerging Markets, which had been overseen by Virginie Maisonneuve who had been with the firm for less than a year, and Pathfinder, which is managed by Anne Gudefin and involves purchasing stocks trading at significant discounts to intrinsic value.

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