Here are the most important news items that investors need to start their trading day:
1. Week end
Stocks are coming off a winning day on Wall Street. On Thursday, the Nasdaq Composite gained nearly 2%, while the S&P 500 and the Dow Jones Industrial Average finished 1.3% and 1.1% higher, respectively. The story so far this week has been inflation, with March producer prices posting a surprise decline on Thursday. "Investors are becoming optimistic that times will improve," said Sam Stovall, chief investment strategist at CFRA Research. Soon, however, Wall Street will turn its attention to earnings reports. Follow live market updates.
2. Big banks at bat
Three major banks are reporting earnings Friday: JPMorgan Chase, Wells Fargo and Citigroup. The reports are being closely watched for clues into how the banking sector fared after the collapse of Silicon Valley Bank and Signature Bank last month. JPMorgan reported record revenue, boosted by higher interest rates. Wells Fargo likewise benefitted from higher rates. The flow of deposits through U.S. financial institutions is top of mind for analysts and investors. Reports from the larger banks, with more earnings releases due out next week, could reveal deposits flowing in as a response to pressure in regional operations, or they could show money leaving the system entirely as customers chase higher yields outside checking and savings accounts.
3. Reduced deliveries
Boeing on Thursday warned it will likely have to reduce aircraft deliveries in the near term while it addresses a parts issue related to fuselages made by supplier Spirit AeroSystems. The jet manufacturer said the issue, which doesn't present a safety risk for planes already in use, affects certain models of its 737 Max planes, including its most popular 737 Max 8. It's the latest in a string of production issues for Boeing and comes as the company scrambles to increase deliveries of its best-selling plane while airlines await new jetliners to capitalize on a rebound in travel.Â
4. Pentagon leak arrest
U.S. officials have arrested a 21-year-old National Guardsman who they say leaked classified Pentagon documents on American allies and aid to Ukraine. Jack Teixeira, a cyber transport systems journeyman for the Massachusetts Air National Guard, will appear in a Massachusetts court Friday as the prime suspect in the country's largest security breach in more than a decade. A Pentagon spokesperson called the leak a "deliberate, criminal act" and said the Pentagon is reviewing and restricting access to sensitive information among its ranks. Follow live updates on the war in Ukraine.
5. Florida abortion ban
Florida Gov. Ron DeSantis signed into law Thursday a bill that would ban most abortions in the state after six weeks, before many people know they're pregnant. The new legislation would be more restrictive than an existing 15-week ban, which is being challenged in state Supreme Court, and would make performing an abortion after the six-week mark a third-degree felony. It includes exceptions for cases of rape and incest and in severe medical emergencies. DeSantis is widely believed to be laying the groundwork for a 2024 presidential campaign. "We are proud to support life and family in the state of Florida," he said in a statement.Â
– CNBC's Alex Harring, Hugh Son, Natasha Turak and Annika Kim Constantino contributed to this report.
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