Stock futures are pointing to a slightly higher open ahead of the long holiday weekend; the Dow closed at its first record high in more than three months yesterday, while the S&P 500 is on pace to post gains for the 8th consecutive week; shares of Estée Lauder are rallying after the cosmetics maker dropped acquisition talks with a fellow makeup brand, Puig; Workday stock is rallying after the enterprise software maker reported results that topped Wall Street estimates; and Take-Two Interactive shares are climbing after the video game maker beat estimates and said “Grand Theft Auto VI” is still on track for its Nov. 19 release date. Here’s what you need to know today.
Stock Futures Tick Higher Ahead of Holiday Weekend
Stock futures are gaining ground this morning as markets look to close out the week on a high note ahead of the three-day Memorial Day weekend. Futures tied to the Dow Jones Industrial Average were up 0.4% recently, while S&P 500 and Nasdaq futures added 0.2% The major indexes each rose yesterday, sending the Dow to a record closing high (more on that below). WTI crude oil futures, the U.S. benchmark, were up more than 1% at around $97.50 per barrel, but remain well below the highs of near $109 hit a few days ago. Gold futures were down slightly this morning at $4,520 an ounce, while bitcoin was little-changed at $77,400. The yield on the 10-year Treasury note ticked lower to 4.56%, after hitting a 16-month high of 4.67% on Tuesday. Bond markets will close early at 2 p.m. ET today ahead of the holiday weekend
Dow at Record High, S&P 500 Riding Win Streak
The major indexes are all on track to end the week higher than where they started it, with the S&P 500 in position to post gains for the 8th consecutive week. The tech-heavy Nasdaq Composite is on pace to post gains for the 7th time in the last eight weeks. Meanwhile, the Dow Jones Industrial Average on Thursday closed at a record high for the first time since Feb. 10. Coming into Friday’s session, the Dow had risen 1.5% so far this week, outpacing the respective 0.5% and 0.3% gains of the S&P 500 and Nasdaq.
Estee Lauder Stock Jumps After Deal Talks Dropped
Shares of Estée Lauder Companies (EL) are rallying this morning after the cosmetics giant announced that it is no longer in talks to acquire a fellow makeup brand. The company and Puig, another cosmetics maker, said late Thursday that their talks over a potential acquisition, which started in late March, have ended without a deal.
Shares of Estée Lauder were up 13% in recent premarket trading, after entering the day having lost about a quarter of their value since the start of the year.
Workday Stock Jumps on Solid Results, Raised Outlook
Workday (WDAY) shares are rallying after the enterprise software maker reported better-than-expected quarterly results and lifted its profitability forecast. Workday reported $2.54 billion in revenue along with adjusted earnings of $2.66 per share for the first quarter, each above the analyst consensus compiled by Visible Alpha. The company held its full-year outlook for subscription revenue steady, but lifted its adjusted operating margin guidance to 30.5% from 30% previously.
Workday shares, which have fallen more than 40% so far this year, were up 7% ahead of the opening bell. Workday and a number of other software makers have seen their stocks battered by concerns that AI products will eat into their growth.
Take-Two Stock Rises on Confirmation of Grand Theft Auto VI Release Schedule
Shares of Take-Two Interactive (TTWO) are on the rise after the video game maker released results that topped analysts’ estimates and confirmed that its latest blockbuster release, “Grand Theft Auto VI,” is still on track for November. The company reported a smaller-than-expected fiscal fourth-quarter loss of 32 cents per share on $1.68 billion in revenue.
CEO Strauss Zelnick said the Nov. 19 launch of “GTA VI” is expected to drive Take-Two’s performance to record levels, after delays in the game’s yearslong development have weighed on the stock in the past. Take-Two shares were up 3% in recent trading.