Stock futures were moving mostly lower on Friday, with tech stocks set to lead the way south after disappointing results from industry giants Amazon.com Inc. and Apple Inc.
Investors are awaiting key inflation data, as well as more results from major energy companies such as Exxon Mobil Inc. What’s driving markets? Friday marks the last trading day of April, which is on the verge of being the worst month for the S&P 500 — down 5.3% — since March 2020. Down 9.4%, the Nasdaq is also facing its worst monthly return since that pandemic low, according to FactSet.
Tech stocks, whose earnings have dominated the week, are expected to drive much of the action on Friday. Apple Inc. AAPL stock fell in late trading after the tech giant topped earnings and set a revenue record, but warned of billions in added costs from supply-chain woes. On the heels of Thursday’s weak U.S. growth data, investor will get an update on the Federal Reserve’s favored inflation gauge — the core personal consumer expenditure price index for March, due at 8:30 a.m., along with personal income and consumer spending. That will be followed by the University of Michigan consumer sentiment index for April.
good time to buy apple at close to last year's valuations and hold. I would wait on Amazon until July split
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