Happy Friday everyone. Today is July 17th and the market dipped as tech stocks struggled Thursday. However, Dow futures rose 150 points as Wall Street tries to recover from yesterdays drop. Last week’s 1.3M in jobless claims were disappointingly high, but retail sales surged 7.5% in June. It looks like Wall Street is in no rush to bring its employees back to the office, and Netflix’s new co-CEO Ted Sarandos is taking Netflix towards Hollywood. British Airways retirees its entire fleet of Boeing 747 jets and U.S. housing reports higher than expected.
Stock futures climbed higher early Friday morning following a volatile session that snapped a four-day winning streak for one of the major averages. Dow Jones Industrial Average futures rose 150 points, indicating an 85-point gain at the open. The S&P 500 futures gained 0.5%, while the Nasdaq-100 futures traded 0.9% higher.
It doesn’t look like Wall Street is going back to the Street in any great numbers, at least any time soon. That seems to be the message from major money center banks with large trading operations. Morgan Stanley, Goldman Sachs, Citigroup, JPMorgan and Bank of America have all reported earnings this week, as has Wells Fargo, which does not have a substantial trading operations but also has many banking employees in offices all over the country.
“It is with great sadness that we can confirm we are proposing to retire our entire 747 fleet with immediate effect,” the airline said in an emailed statement to CNBC. It said it would instead operate more flights on “modern, fuel-efficient aircraft” including the Airbus A350 and the Boeing 787.The news comes after Qantas Airways announced in June that it was retiring its six Boeing 747 planes immediately, six months before initially planned.
Ted Sarandos, a 20-year Netflix veteran and the company’s head of content, was promoted to co-CEO late Thursday.Reed Hastings has long been Netflix’s leading voice from its headquarters in Silicon Valley, but Sarandos has overseen the company’s transition into original content. “While Reed was the visionary, Ted is the future,” said Gil Simon, a Netflix investor and chief investment officer at SoMa Equity Partners.
Construction of U.S. homes jumped 17.3% in June as some states reopened. The pace still lags last year, however, after this spring’s massive slowdown in building activity due to the coronavirus outbreak.Applications for building permits, a good indication of future activity, rose 2.1%.