Futures search for direction, OpenAI's reported revenue - what's moving markets
Investing.com -- U.S. stock futures seek direction heading into the final trading day of the week. The S&P 500 briefly touches the 5,000-point mark in intraday trading during the prior session following a bevy of mostly strong corporate earnings. Meanwhile, artificial intelligence-darling OpenAI's annualized revenues reportedly surpass $2 billion as demand booms for the ChatGPT-maker's products.
1. Futures search for direction
U.S. stock futures sought direction on Friday, as investors assessed a busy week of quarterly corporate results.
By 04:56 ET (09:56 GMT), the S&P 500 futures contract was widely unchanged, Nasdaq 100 futures had gained 31 points or 0.2%, and Dow futures had slipped by 19 points or 0.1%.
On Thursday, the three main averages closed in the green. The benchmark S&P 500 ended up by 0.1% after momentarily breaching the 5,000-point milestone, while the tech-heavy Nasdaq Composite advanced by 0.2% and the blue-chip Dow Jones Industrial Average rose by 0.1%. All three of the indices are on pace to post their fifth-consecutive weekly gain.
In individual stocks, Walt Disney (NYSE:DIS) shares jumped after the media and entertainment behemoth delivered better-than-expected first-quarter profit. Arm (NASDAQ:ARM) also surged by almost 48% following an upbeat artificial intelligence-driven forecast from the British chip designer.
Elsewhere, U.S. weekly jobless claims dropped by slightly more than expected, in a sign of continued labor market strength that could support growth momentum in the world's largest economy. However, sentiment was dampened by rapidly fading bets of an imminent interest rate reduction by the Federal Reserve, as well as emerging uncertainty around the stability of some regional banks.
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