By Sara Sjolin, MarketWatch
ISM, consumer data ahead
U.S. stocks look poised for a rebound on Friday, with futures
higher ahead of a clutch of data that should show whether the
economy got off to a better start in the second quarter.
With earnings season in full flow, results from Chevron Corp.
(CVX), CVS Health Corp. (CVS) and Madison Square Garden Co. (MSGNV)
were also in the spotlight.
Rebounding from a bruising Thursday on Wall Street
(http://www.marketwatch.com/story/us-stocks-more-weakness-in-store-ahead-of-claims-inflation-data-2015-04-30),
futures for the Dow Jones Industrial Average (YMM5) climbed 82
points, or 0.5%, to 17,841, while those for the S&P 500 index
(ESM5) gained 7.70 points, or 0.4%, to 2,086.60. Futures for the
Nasdaq-100 index (NQM5) picked up about 12.50 points, or 0.3%, to
4,420.
Even so, the main benchmarks still look on track for weekly
losses. This week brought more uncertainty over the timing of the
first Federal Reserve rate hike and a weaker-than-expected reading
on U.S. gross domestic product in the first quarter.
Friday's data: At 9:45 a.m. Eastern Time, the manufacturing
purchasing managers index is due. That is followed by the ISM
manufacturing reading at 10 a.m. Eastern, and the University of
Michigan's consumer-sentiment index hits at the same time. Car
sales for April will trickle out throughout the day.
Construction spending for March comes out at 10 a.m.
Eastern.
Fed speakers: Cleveland Fed President Loretta Mester gives a
speech on issues in consumer credit to a Philadelphia Fed
conference at 8:30 a.m. Eastern. Mester isn't a voting member of
the Fed's policy-setting committee this year.
Earnings: Reporting ahead of the bell, Chevron (CVX) is
projected to report first-quarter earnings of 79 cents a share,
according to a consensus survey by FactSet. The results will be
watched after Exxon Mobil Corp.(XOM), the biggest U.S. oil company,
on Thursday posted a 46% drop in profit, but beat analyst
expectations.
Also reporting on Friday, CVS Health(CVS) said adjusted earnings
for the first quarter came in at $1.14 share
(http://www.marketwatch.com/story/cvs-profit-sales-rise-above-expectations-2015-05-01),
beating FactSet estimates. Shares inched 0.5% higher ahead of the
bell.
Moody's Corp.(MCO) said earnings rose in the first quarter
(http://www.marketwatch.com/story/moodys-earnings-buoyed-by-rating-analytics-2015-05-01)
on the back of double-digit revenue growth in both its debt-rating
and analytics segments.
Madison Square Garden Co.(MSGNV) is forecast to report fiscal
third-quarter earnings of 42 cents a share, while Clorox Co.(CLX)
is expected to post first-quarter earnings of $1.10 a share.
After the closing bell, Warren Buffett's Berkshire Hathaway
Inc.(BRK/A) (BRKA) is slated to report, a day ahead of the
company's annual shareholder meeting in Omaha. Read: 50 best things
Warren Buffett told investors over past 50 years
(http://www.marketwatch.com/story/a-half-centurys-worth-of-wisdom-from-warren-buffett-2015-02-27)
Movers and shakers: Shares of LinkedIn Corp. (LNKD) slumped 21%
premarket, after the professional networking company late Thursday
issued a profit forecast well below Wall Street estimates
(http://www.marketwatch.com/story/new-york-times-exxon-aig-linkedin-fireeye-earnings-in-focus-2015-04-30).
Visa Inc.(V) dropped 1.6% in thin premarket trade after the
payment-card company reported second-quarter earnings late Thursday
(http://www.marketwatch.com/story/visas-quarterly-revenue-rises-8-2015-04-30-164851848).
On a more upbeat note, shares of Tesla Motors Inc.(TSLA) gained
2.2% ahead of the bell after chief executive Elon Musk took the
stage in Los Angeles
(http://www.marketwatch.com/story/elon-musk-wants-to-power-your-home-your-business-the-world-2015-05-01)
on Thursday night to detail the company's move into the energy
storage business.
American International Group Inc.(AIG) on Thursday said its
first-quarter profit jumped
(http://www.marketwatch.com/story/aigs-profit-jumps-tops-expectations-2015-04-30)
to $2.47 billion, or $1.78 a share, from $1.61 billion, or $1.09 a
share, a year ago.
Other markets: Most markets were closed in Asia and Europe for
their Labour Day holiday. Among few open bourses in Asia, Japan's
Nikkei 225 index ended slightly higher, while in Europe, the U.K.'s
FTSE index was wobbling around the flat line
(http://www.marketwatch.com/storyno-meta-for-guid).
Most energy and metals futures declined, while the dollar (DXY)
inched higher.
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