Friday is gearing up to be a relatively quiet day in markets.
Earnings season is drawing to a close. Footwear retailer Foot Locker (FL) is the only notable company scheduled to release quarterly results ahead of the bell Friday. Analysts are predicting that Foot Locker will report earnings of $1.60 per share on $2.11 billion in revenue.
Retailers have been in focus lately, as trade tensions run hot between the U.S. and China. The Trump Administration threatened another round of tariffs on $300 billion worth of Chinese goods. If those tariffs go into effect, apparel and footwear will be impacted. Earlier this week, more than 170 footwear companies united together and sent a letter to President Trump to urge him not to impose the next round of tariffs on Chinese goods.
[Read more: American shoe brands unite against Trump]
On the economic data side, durable goods orders for the month of April will be released Friday morning. Economists are expecting durable goods to have fallen 2.0% during the month, down from 2.6% growth in March.
“We estimate that headline durable goods orders fell quite sharply in April, but the underlying details are likely to have been more positive,” Capital Economics wrote in a note May 17.
Nomura economist Lewis Alexander also wrote in a note to clients May 17 that a drop in April’s durable goods orders is to be expected. “The industrial sector has yet to show signs of bottoming from the recent deceleration and continues to face headwinds from slower external growth, elevated trade uncertainty and waning fiscal stimulus.”
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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