10 things you need to know before the opening bell
Here is what you need to know.
- Tesla is laying off 7% of its workforce. The electric-car maker will lay off more than 3,000 workers, according to an email from CEO Elon Musk sent to employees.
- Netflix slides after earnings. Shares were down about 2% early Friday after the streaming giant posted solid fourth-quarter subscriber growth and revenue of $4.19 billion, slightly missing the $4.21 billion that was expected by the Bloomberg consensus.
- Malaysia will forget about the Goldman Sachs 1MDB scandal for $7.5 billion. "An apology is just not sufficient. Not enough," Lim Guan Eng told reporters on Friday. "There must be the necessary reparations and compensations."
- Sears creditors are challenging Eddie Lampert's victory in buying the company out of bankruptcy. "ESL's current bid to 'save the Company' is nothing but the final fulfillment of a years-long scheme to deprive Sears and its creditors of assets and its employees of jobs while lining Lampert's and ESL's own pockets," the committee of unsecured creditors said in a filing.
- JB Hunt posts mixed results. The trucking company earned $0.81 a share on revenue of $2.32 billion, compared to the $1.21 a share and $2.32 billion that analysts surveyed by Bloomberg were expecting as its profit was impacted by a preannounced pretax charge of $134 million for contingent liabilities related to its ongoing arbitration with BNSF Railway.
- Japanese inflation slows. Japanese consumer prices, excluding fresh food, rose 0.7% in December, down from 0.9% the month prior.
- Bank of Jamaica is using reggae-inspired music videos to teach people about monetary policy. The videos explain the impacts of inflation and what the central bank is doing to combat it.
- Global markets are rallying. China's Shanghai Composite (+1.42%) led the gains in Asia and Britain's FTSE (+1.2%) was out front in Europe. The S&P 500 was set to open up 0.29% near 2,644.
- Earnings reporting is light. Schlumberger reports ahead of the opening bell.
- US economic data keeps coming. Industrial production and capacity utilization were both set to cross the wires at 9:15 a.m. ET and University of Michigan consumer confidence was due out at 10 a.m. ET. The US 10-year yield was up 1.6 basis points at 2.77%.
- Serum Institute may begin human trials of Oxford-AstraZeneca’s COVID-19 vaccine candidate from August 25
- HDFC Bank's Aditya Puri believes Sashidhar Jagdishan is the 'worthiest person' to succeed him
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- WeWork gets a new $1.1 billion cheque from SoftBank while it attempts resurrection – its India franchise is now offering discounts and a global all-access pass
- Supreme Court holds Prashant Bhushan guilty of Contempt of Court — punishment to be announced on August 20