The major averages are poised to advance as investors await a vote for the Republican initiative to repeal and replace the Affordable Care Act. On Thursday, stocks finished lower after Congress delayed a vote on the health-care reform bill. Amid the delay, President Donald Trump warned the Republican members of the House that he will leave Obamacare unchanged if they do not approve the bill.
In earnings, Micron Technology is climbing 13.5% to $30.05 as the chip maker beat Wall Street profit estimates and provided optimistic forward guidance. Shares of GameStop are down 11% to $21.33 after quarterly revenue came in below forecasts amid softness in physical game sales.
European markets are declining near mid-session with the broad Euro STOXX 600 down 0.4%. In economic news, composite PMI data for the Eurozone came in stronger-than-expected in March, with business activity growing at the fastest rate since 2011. In Asia, Japan’s Nikkei 225 added 0.9% after the yen halted its longest rally since 2011. In central bank news, Bank of Japan Governor Haruhiko Kuroda stated on Friday that he wants to push ahead with a low-rate policy. Chinese markets finished higher with the Shanghai Composite gaining 0.6% overnight.
Treasuries are edging higher with the benchmark 10-year note up 1/32 to yield 2.41%. In commodities, NYMEX WTI crude is adding 0.6% to $47.99/barrel. COMEX gold is off 0.1% to $1246.10/ounce.
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Benjamin J. Chuckrow
Senior Vice President – Branch Manager
Wells Fargo Advisors, LLC