Wealth Consulting Group CEO Jimmy Lee discusses the Federal Reserve interest rate hikes and the importance of diversifying portfolios in 2022.
U.S. equity futures fell Friday morning following three days of declines in choppy trading.
The major futures indexes suggest a loss 1%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34160.78 | -7.31 | -0.02% |
| SP500 | S&P 500 | 4326.51 | -23.42 | -0.54% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13352.783008 | -189.34 | -1.40% |
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Caterpillar shares fell after noting headwinds, including supply chain issues and costs, could hamper margins in the current quarter. Fourth-quarter revenue of $13.8 billion did exceed estimates
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR INC. | 212.17 | -2.12 | -0.99% |
Chevron shares also fell after profits of $2.65 per share missed analyst estimates of $3.12.
Despite the broader drop in the market, Apple is bucking the downtrend following quarterly results.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 159.22 | -0.47 | -0.29% |
Apple posted its highest quarterly revenue increase in the company’s history on Thursday at $123.9 billion, showing an 11% year-over-year boost during last year’s critical holiday season despite ongoing supply chain challenges and chip shortages. Profits came in at $34.63 billion, or $2.10 per share, beating Wall Street estimates of $1.90 per share.
APPLE HITS NEW QUARTERLY REVENUE RECORD DESPITE SUPPLY CHAIN TROUBLES
Shares of Robinhood Markets are down in the premarket after posting a $423 million net loss in the latest quarter along with slowing growth.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HOOD | ROBINHOOD MARKETS INC. | 11.61 | -0.80 | -6.45% |
On the economic calendar, the Commerce Department, the year-over-year change in core PCE, which is the Federal Reserve’s preferred measure of inflation, jumped 4.9%, the highest reading in more than 38 years.
Personal income rose 0.3%, while fell spending fell 0.6% month-over-month, reversing November’s 0.6% rise. Core personal consumption expenditures, which remove volatile food and energy prices, rose 0.5% month-over-month.
The Employment Cost Index rose 1% over the previous quarter in the final three months of 2021.
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In other economic news, we’ll get the University of Michigan’s final index of consumer sentiment for January. It’s expected to edge down to 68.7 from the preliminary reading of 68.8 two weeks ago. That’s down from 70.6 in December and the second-lowest reading in a decade on inflation and Omicron fears.
US ECONOMY SURGED 6.9% IN THE FOURTH QUARTER BEFORE OMICRON IMPACT
Bitcoin hovered around $37,000.
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In energy markets, benchmark U.S. crude rose 54 cents to $87.15 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 74 cents on Thursday to $86.61. Brent crude, the price basis for international oils, advanced 69 cents to $90.03 per barrel in London.
FOX Business’ Ken Martin and The Associated Press contributed to this report.