May 29 Premarket Briefing: 10 Things You Should Know
Here are 10 things you should know for Thursday, May 29:
1. -- U.S. stock futures were pointing to modest gains on Wall Street Thursday as global stocks mostly fell ahead of data on U.S. economic growth.
European stocks traded mixed. Japanese shares bucked the losing trend in Asia and rose 0.1%.
2. -- The economic calendar in the U.S. on Thursday includes weekly initial jobless claims at 8:30 a.m. EDT, the second estimate of first-quarter gross domestic product at 8:30 a.m., and pending home sales for April at 10 a.m.
3. -- U.S. stocks on Wednesday settled lower on Wednesday following Tuesday's record close for the S&P 500 .
The Dow Jones Industrial Average fell 0.25% to 16,633.18, while the S&P 500 lost 0.11% to close at 1,909.78. The Nasdaq slid 0.28% to 4,225.08.
4. -- Apple
The purchase will include Beats Music and Beats Electronics, which makes the popular Beats headphones, speakers and audio software. As part of the deal, Apple is paying $2.6 billion in cash, and about $400 million in equity that will vest over time.
Beats executive Jimmy Iovine and Beats co-founder Dr. Dre will join Apple.
Apple shares rose 0.3% in premarket trading on Thursday to $625.84.
5. -- Raymond DeGiorgio, an engineer at General Motors
DeGiorgio, who was suspended last month with pay, has not spoken publicly since GM acknowledged the ignition switch defect in February and began recalling millions of Chevrolet Cobalts, Saturn Ions and other models. The automaker has linked the defect to 13 deaths.
A House staff aide said that DeGiorgio, 61, appeared "genuinely upset" about the deaths and about his inability to connect the ignition switch problem with the failure of air bags to deploy, the Times reported.
Analysts were expecting earnings of $1.10 a share
Same-store sales in the quarter rose 6%, Costco said.
Costco shares fell 1% to $113.11 in premarket trading.
7. -- Teen retailer Abercrombie & Fitch