1. Oh, snap!: Shares in Snap fell as much as 25% in extended trading after the company posted a staggering loss in its debut quarter as a public company. The parent company of Snapchat suffered a loss of $2.2 billion in the March quarter, while sales totaled only $150 million.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -23.00 | | -10.75 | | -4.05 | | -0.11% | | -0.19% | | -0.17% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | +61.46 | | +8.72 | | +0.83 | | 19,961.55 | | 3,061.50 | | 7,386.07 | | +0.31% | | +0.29% | | +0.01% | | | |
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| Key Stats | Latest | Today's Change | | | Oil | $48.15 | +0.82 / +1.73% | | | Gold | $1,221.70 | +2.80 / +0.23% | | | 10-yr | 2.41% | +0.01 / +0.29% | | | Euro | $1.09 | +0.00 / +0.01% | | | |
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| News: What you need to know about the markets | | | | | | | Snap's huge loss; Retail earnings; Electronics ban | By Ivana Kottasová
Thursday, May 11th, 5:12am | | | | 1. Oh, snap!: Shares in Snap fell as much as 25% in extended trading after the company posted a staggering loss in its debut quarter as a public company. | | | | The parent company of Snapchat suffered a loss of $2.2 billion in the March quarter, while sales totaled only $150 million. | | | | Snap is facing fierce competition from Facebook, which has incorporated Snapchat-like camera features into Instagram and Whatsapp. | | | | 2. Retail earnings: Macy's and Kohl's are set to report earnings before the bell on Thursday. Both are expected to reveal shrinking profits. | | | | Retailers have been struggling with falling sales, and many have been forced to cut jobs and close stores. | | | | Shares in Macy's and Kohl's have lost about one-fifth of their value this year. | | | | Nordstrom will report after the closing bell, and it is expected to deliver a more upbeat message. The upscale retailer's stock has outperformed many of its peers. | | | | 3. Laptop ban: Department of Homeland Security officials will speak with airline industry representatives on Thursday about the electronics ban on aircraft as the agency considers an expansion of a security measure, according to DHS and industry sources. | | | | According to media reports, the ban on large electronics could be expanded to include flights from Europe. | | | | European airline stocks were lower in early trading, but losses were mild. | | | | 4. Global market overview: U.S. stock futures were lower early Thursday. | | | | European markets opened mixed, while Asia finished the session mostly higher. | | | | The Dow Jones industrial average closed 0.1% lower on Wednesday, while the S&P 500 and the Nasdaq were both 0.1% higher. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 5. Stock market movers -- Whole Foods: Shares in Whole Foods surged in extended trading after the company announced Wednesday it is getting a new chief financial officer, chairman and is replacing five board members. | | | | 6. Economics: A three-day meeting of G7 finance ministers starts in Italy on Thursday. | | | | Italian officials have said they will keep international trade off the official agenda, to avoid disagreements between the U.S. and other members. | | | | Britain's central bank will announce a decision on interest rates and its monthly inflation report at 7 a.m. ET on Thursday. This will be followed by a press conference by the bank's governor Mark Carney at 7:30 a.m. ET. | | | | The press conference comes at a sensitive time -- the U.K. will hold a general election in early June. | | | | Download CNN MoneyStream for up-to-the-minute market data and news | | | | The European Commission published its spring economic forecast Thursday morning. It expects the euro area to grow 1.7% in 2017, up from the 1.6% rate it forecast in February. It expects "steady growth" for EU as a whole, but the picture will vary across member states. | | | | | | | |
| | | | | | Thursday -- Kohl's and Macy's earnings; G7 summit; EU economic forecast; Bank of England rate decision and inflation report
Friday -- U.S. inflation data; University of Michigan Confidence Survey; JCPenney earnings; Retail sales report; G7 summit day 2; German GDP data | | | | | | | |
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