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Stocks wobbled in early trading Friday as investors braced for a potentially volatile day of trading due to expiration of stock options and futures contracts—a phenomenon known as quadruple witching. Investors have also been more cautious on the back half of this week after the Federal Reserve painted a picture of an uneven and uncertain economic recovery.
Futures for the
Dow Jones Industrial Average
were effectively flat while
S&P 500
futures gained 0.1%.
Nasdaq Composite
futures gained 0.5%. Oil slid with the price of West Texas Intermediate crude falling 0.6% and Brent crude dropping 0.7%.
Sumo Logic
(ticker: SUMO) shares fell 0.7% premarket, following a 22.2% jump on its first day of trading on the Nasdaq. Sumo’s trading debut marks a big week for tech companies going public.
Snowflake
(SNOW) made its debut earlier in the week and its shares more than doubled in its first day of trading Wednesday. Cloud software firm
JFrog
(FROG) also had a strong debut.
Investors will have their eyes on Unity in Friday’s trading as the developer of tools for videogame development makes its debut on the New York Stock Exchange.
Tesla
(TSLA) shares gained nearly 5% premarket after analysts at Wedbush raised their price target on the electric auto maker’s shares to $475 a piece, citing growing demand in China.
Beyond Meat
(BYND) shares slid 5% after analysts at
JPMorgan
cut their rating on the stock to underweight, citing increased competition.
Write to Carleton English at [email protected]
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