Stocks look set for a lower open on Friday, as economic data from around the globe missed expectations.
Economic data from China and Germany missed estimates. China’s purchasing managers index showed a reading of 51.1, below the consensus estimate of 51.7 and below the prior reading of 51.9. Germany’s gross domestic product growth for the first quarter was -1.7%, representing a decline in economic activity, worse than the estimate of -1.5% and a drop-off from the previous result of 0.5%.
Investors want to see a swift global economic recovery, which the U.S. has seen, though parts of Europe are lagging.
“Futures are modestly lower on disappointing economic data,” wrote Tom Essaye, founder of Sevens Report Research in a note.
Still, stocks have a chance to rebound later in the day, with data showing U.S. household income surging a record 21.1% in March. The Commerce Department also said that spending rose 4.2%.
Here are five stocks making moves in Friday’s premarket action:
S&P Global (SPGI) stock fell 16% even after reporting a profit of $3.39 a share, beating forecasts for $2.98 a share, on sales of $2 billion, above forecasts for $1.9 billion.
Clorox (CLX) stock fell 4% after reporting a profit of $1.62 a share, beating forecasts for $1.48 a share, on sales of $1.78 billion, below forecasts for $1.85 billion.
Chevron (CVX) stock fell 2.7% after reporting a profit of 90 cents a share, meeting forecasts, on sales of $32 billion above expectations for $31.8 billion.
Bristol Myers Squibb (BMY) stock dropped 1% after getting downgraded to Equal Weight from Overweight at Morgan Stanley.
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