U.S. futures were falling premarket Friday, ending an up and down week on a dismal note. S&P 500 futures were down 0.3% while Nasdaq and Dow Jones Industrial Average futures were each down 0.4%.
World markets weren't faring much better, with the Nikkei closing the week down 1.4%, the Hang Seng dropping 1% and the Shanghai Composite declining 0.3%. In Europe the Dax in Germany was the lone index in the green, rising 0.1%, while the CAC 40 and FTSE 100 were down 0.2% and 0.4%, respectively, with about three hours left in trading.
Crude prices were also falling premarket Friday, with industry standard Brent crude contracts for July delivery declining $0.38 to $47.70 per barrel while West Texas crude contracts for June delivery fell $0.49 to $46.21 per barrel.
The decline in crude prices today came on the back of OPEC announcing that its members had pumped 32.44 million barrels per day in April, a 188,000 bpd increase from March. The surplus was a result of the lifting of sanctions against Iran, the oil cartel said.
Shares of Nordstrom (JWN) were tanking premarket -- down almost 15% -- as the retail sector continues to get pounded this earnings season. The company reported net income of $0.26 per share for the quarter, $0.20 less than analysts were expecting for the period. Nordstrom saw revenue grow 1% to $3.25 billion in the quarter, but analysts were modeling for at least 2% growth.
J.C. Penney (JCP) shares were down about 9% premarket Friday, after the struggling retailer also missed analysts' quarterly expectations. The company reported a quarterly net loss of $0.32 per share, a narrower loss than the $0.38 a share Wall Street was expecting. However, the company missed top-line expectations, reporting a revenue decline of 1.6% to $2.81 billion vs. analysts' $2.92 billion expectations.
On the positive side of earnings, Shake Shack (SHAK) shares were climbing nearly 6% premarket after the restaurant chain reported first-quarter earnings of $0.08 per share, topping expectations by $0.03. Same-store sales increased 10% in the period, while revenue rose 43.3% to $54.2 million. For the year, the company raised its revenue expectations to between $245 million and $249 million from its previous view between $237 million and $242 million.
Finally, Nvidia (NVDA) shares were up 8% premarket, after the company reported a first-quarter profit of $196 million, or $0.46 a share on an adjusted basis, $0.15 better than analysts were expecting. The company also reported revenue of $1.31 billion vs. the market's $1.27 billion expectations.