Stock futures pointed to a modest rebound on Friday, reflecting a sense of cautious optimism among investors ahead of the highly anticipated release of the U.S. jobs report for March. The previous trading session witnessed a notable decline in equities, spurred by remarks from a Federal Reserve official hinting that interest-rate cuts might not be warranted throughout the year. Additionally, escalating tensions in the Middle East, which pushed oil prices higher, added to market uncertainty.
One of the notable developments driving market sentiment was Apple’s decision to lay off more than 600 employees after shelving its ambitious electric-car project. This move, announced on March 28 and effective May 27, underscores the tech giant’s strategic pivot towards prioritizing research and development in generative artificial intelligence over automotive pursuits. Despite this restructuring, Apple’s shares managed a slight uptick of 0.2%.
Meanwhile, Tesla, the prominent electric-vehicle manufacturer, experienced a rebound of 0.5% in premarket trading, reaching $171.93 per share. Tesla shares had surged as high as $177.19 on Thursday, recouping some losses incurred after the company’s first-quarter delivery report. Nevertheless, Tesla’s stock has seen a notable 31% decline since the beginning of the year, reflecting ongoing volatility in the electric-vehicle sector.
Meta Platforms, formerly known as Facebook, also saw positive movement, with its shares rising by 0.6% to $513.74 in premarket trading. This upward momentum follows Meta’s intraday record high of $530 on Thursday, signaling a robust 44% increase since the start of the year. The company, which owns popular social media platforms such as Facebook and Instagram, continues to attract investor interest despite regulatory challenges and controversies surrounding its operations.
Another stock garnering attention is HubSpot, a leading provider of marketing software solutions. HubSpot’s stock surged by 1.4% after witnessing a 5% jump on Thursday, driven by reports suggesting that Alphabet, Google’s parent company, is exploring the possibility of acquiring HubSpot. Such speculation has fueled optimism among investors, propelling the company’s shares higher.
In the realm of dining, Kura Sushi reported strong fiscal second-quarter sales of $57.3 million, representing a notable 31% increase compared to the previous year and surpassing analysts’ estimates. This positive performance, coupled with a slight upward revision in fiscal-year revenue guidance, propelled Kura Sushi’s shares up by 7.7% in after-hours trading on Thursday, signaling investor confidence in the company’s growth prospects.
Looking ahead, investors will also closely monitor Greenbrier Cos., a prominent railcar manufacturer, as it prepares to release its quarterly earnings report on Friday. The company’s financial performance could offer insights into broader trends within the transportation and industrial sectors, potentially influencing market sentiment.
Overall, against the backdrop of geopolitical uncertainties and anticipation surrounding the U.S. jobs report, investors remain vigilant, assessing various market developments and company-specific news for potential investment opportunities and risks.