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A
rally in shares of big technology companies following their
impressive results has put all three major indexes on track for
weekly gains, while setting up the Nasdaq index for a sixth
straight month of increase.
The S&P 500 and Dow Jones Industrial Average are also on course
for their third straight monthly gains.
Amazon.com Inc rose 2.3% in premarket trading after posting
record profits and signaling that consumers would keep spending
in a growing U.S. economy and converts to online shopping are
not likely to leave.
Twitter Inc plunged 12.7% as it offered tepid revenue forecast
for the second quarter, saying user growth could slow as the
boost seen during the coronavirus pandemic fizzles.
Other high-flying stocks, including Facebook Inc, Alphabet Inc,
Apple Inc and Netflix Inc, fell between 0.9% and 1.8%.
Data on Friday is expected to show U.S. consumer spending likely
jumped 4.1% in March after slipping 1% in February, with the
core PCE index, the Federal Reserve's preferred inflation
measure, also expected to rise last month.
At 6:52 a.m. ET, Dow e-minis were down 180 points, or 0.53%, S&P
500 e-minis were down 27.25 points, or 0.65%, and Nasdaq 100
e-minis were down 116 points, or 0.83%.
Chevron Corp shed 2.0% after its first-quarter profit fell 29%,
hit by weaker refining margins and production losses.
Gilead Sciences Inc fell 2.8% after its first-quarter revenue
fell short of Wall Street estimates as the coronavirus pandemic
hurt sales of its flagship HIV and hepatitis C drugs.
(Reporting by Shivani Kumaresan and Shreyashi Sanyal in
Bengaluru; Editing by Anil D'Silva)
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