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What to Watch Today: Wall Street Headed for Its Best Week in Months

Brendan McDermid | Reuters

BY THE NUMBERS

U.S. stock futures rose Friday, one day after the S&P 500 and Nasdaq closed at record highs, boosted by President Joe Biden reaching an infrastructure deal with a bipartisan group of senators. The Dow also rallied Thursday, adding 322 points, or almost 1%, heading for its best weekly gain since March. The 30-stock average, after last week's worst weekly decline in since October, stands about 1.6% away from its record close in early May. The S&P 500 and Nasdaq were tracking for their best weeks since April. (CNBC)

* For CNBC Pro subscribers: Infrastructure investors like Biden's deal. Here's how to trade it

Dow stock Nike (NKE) soared 13% in the premarket, set to open at an all-time high. The athletic shoe and apparel giant late Thursday handily beat estimates with quarterly earnings and revenue. Nike saw a 73% increase in direct sales through its apps and websites. Nike's stock pop accounts for much of the rise in Dow futures. (CNBC)

The 10-year Treasury yield ticked lower Friday, trading around 1.48%, after the release of the Federal Reserve's favorite inflation indicator. The government's core personal consumption expenditures price index in May rose, as expected, by 3.4% year over year. That's the fastest increase since the early 1990s, reflecting the rapid pace of U.S. economic expansion and resulting price pressures. (CNBC)

IN THE NEWS TODAY

The bipartisan infrastructure compromise includes $579 billion in new spending, with $312 billion of those funds going to transportation projects such as roads, bridges and trains. The plan also puts $266 billion into nontransportation infrastructure, including power, water and broadband internet. Democratic leaders on Capitol want to pass the bipartisan framework along with a larger measure to addresses more of their priorities without Republican votes. (CNBC)

* Bipartisan infrastructure deal omits major climate change measures (CNBC)
* U.S. government fails to collect over $1 billion in debt from nearly 1,300 colleges (CNBC)

Biden has promised to provide federal aid, if requested, in the search for survivors of a partial beachfront condo building collapse outside Miami. At least one person was killed and nearly 100 people were still unaccounted for. Officials did not know how many people were in the tower when it fell early Thursday morning, around 1:30 a.m. ET, in Surfside. Authorities did not say what may have caused the collapse. (AP)

Former Minneapolis police Officer Derek Chauvin will be sentenced Friday for murder in George Floyd's death, in a case that sparked global outrage and a reckoning on racial disparities in America. Legal experts predict that Chauvin, 45, could get 20 to 25 years. He was convicted of second-degree unintentional murder, third-degree murder and second-degree manslaughter. (AP)

* Police who kill often receive lenient or no punishments. Chauvin could be the exception (NBC News)

The House will establish a select committee to investigate the deadly invasion of the U.S. Capitol by a mob of supporters of former President Donald Trump. Speaker Nancy Pelosi said the panel will investigate and report on the facts of the event and its causes. It will also will make recommendations on how to prevent similar attacks in the future. (CNBC)

Trump's former attorney Rudy Giuliani did not show up for a court hearing Thursday in a $1.3 billion defamation case against him that took place hours after his New York law license was suspended due to his alleged "false and misleading" claims about the 2020 election. (CNBC)

Virgin Galactic (SPCE) jumped 14% after getting the green light from the FAA to fly passengers to space. "The commercial license that we have had in place since 2016 remains in place, but is now cleared to allow us to carry commercial passengers when we're ready to do so," Virgin Galactic CEO Michael Colglazier told CNBC.

Chinese ride-hailing giant Didi plans to list 288 million American Depository Shares, the equivalent of 72 million shares of Class A common stock, on the New York Stock Exchange under ticker symbol DIDI, according to an updated SEC filing. Didi anticipates pricing shares between $13 and $14 each, which would value the company at more than $60 billion. (CNBC)

STOCKS TO WATCH

FedEx (FDX) beat estimates by 2 cents a share, with quarterly earnings of $5.01 per share. The delivery service's revenue also topped forecasts. CEO Fred Smith said operations are being crimped by an inability to find enough workers, however, and the company will ramp up capital spending by 22% this year to deal with delivery delays. The stock slid 3.9% in premarket trading.

CarMax (KMX) shares rallied 5.9% in premarket trading after the auto retailer reported better-than-expected sales and profit for its latest quarter. CarMax beat the consensus estimate by $1 a share, with quarterly profit of $2.63, helped by a pandemic-induced preference for cars over public transport.

Japanese electronics giant Panasonic sold its entire stake in Tesla (TSLA) for about $3.6 billion during the most recent fiscal year, according to a Panasonic spokesperson. Panasonic was an early investor in Tesla, and is a major battery supplier for the automaker.

BlackBerry (BB) shares added 1.3% in premarket trading after it reported a smaller-than-expected loss for its latest quarter. The security and communications software maker also saw better-than-expected revenue, as a jump in electric vehicle sales boosted demand for BlackBerry's QNX software.

Shares of big banks, including JPMorgan Chase (JPM), Wells Fargo (WFC), Bank of America (BAC) and Citigroup (C), were higher in premarket trading after the Fed gave passing marks to all 23 banks that were subjected to the latest round of stress tests. Following those results, the Fed said it would lift temporary restrictions on dividends and share buybacks.

Credit Suisse (CS) is mulling various overhaul plans including a possible merger with rival European bank UBS (UBS), according to people familiar with the bank's thinking who spoke to Reuters. Credit Suisse rose 1.2% in the premarket.

Twilio (TWLO) and Asana (ASAN) have agreed to list their shares on the Long-Term Stock Exchange, a Silicon Valley-based operation that is designed to focus on long-term investing. They will continue to list on the New York Stock Exchange as well. The two cloud software companies were early investors in the Long-Term Exchange. Asana jumped 3.3% in premarket trading.

Doximity (DOCS), a social network for doctors saw, its stock slide 3.9% in the premarket, after going public at $26 per share and closing its first day of trading at $53.

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