Wall Street pointed slightly lower in early trading Friday but remains on track to close the week with solid gains, according to the Associated Press. Futures for the S&P 500 ticked down 0.2% after the index hit another record high Thursday, while the Dow Jones Industrial Average edged 0.1% lower before the opening bell.
Major corporations are turning in largely healthy earnings reports.
American Express shares slid 2.3% even though the credit card company beat Wall Street’s profit forecasts on record revenue and raised its dividend. Billings growth accelerated to 8% in the fourth quarter after surprisingly strong holiday spending from card holders, which tend to have higher incomes.
Telecom giant Verizon also nudged past fourth-quarter sales and profit projections, but its shares were stagnant before markets opened.
Boeing shares dipped a little more than 1% in premarket after the airplane manufacturer said it would post a much wider loss than Wall Street expected. Boeing said it incurred nearly $3 billion worth of charges in the fourth quarter due to a lengthy labor stoppage, job cuts, and problems with a number of government programs. In an earnings pre-announcement late Thursday, the troubled aerospace giant said that it will report a loss of $5.46 per share next week when it issues its full financial results. Wall Street had forecast a loss of $1.80 per share.
U.S. benchmark crude oil gained 43 cents to $75.05 per barrel. Brent crude, the international standard, was up 48 cents at $78.77 per barrel.
The U.S. dollar was trading at 156.42 yen, up from 156.06 yen.
