U.S. indices had a rough day of trading Friday with the Dow being the lone major index to close the day in the green while neither the S&P 500 or Nasdaq were able to break positive territory all session.
The Dow closed trading up 0.01%, or 2 points to 24,715, while the Nasdaq fell 0.38%, or 28 points to7,354, and the S&P declined 0.26%, or 7 points to 2,713
Nordstrom Tanks 10% Following Earnings Release
Shares of Nordstrom (JWN) were down nearly 10% Friday afternoon after the company released quarterly earnings results.
Same-store sales of 0.6% in the first quarter were short of the 1.1% analysts were expecting for the quarter.
The softness in comps overshadowed the company's earnings beat. Nordstrom earned 51 cents per share on revenue of $3.56 billion. Investors were expecting the company to post revenue of $3.46 billion on earnings of 43 cents per share.
Deere Rises on Second Quarter Earnings Jump
Deere & Co. (DE) reported a 49% increase in second-quarter profits, leading to a more than 6% increase in its stock price Friday morning.
The company reported net income of $1.21 billion, or $3.67 per share, after reporting net income of $808.5 million, or $2.50 per share, a year ago.
Analysts were expecting the company to report earnings of just $3.31 per share. For the year, the company now expects net income to be about $2.3 billion, up from its previous estimate of $2.1 billion.
Leader of Uber's Flying Car Project Leaves Company
Jeff Holden, Uber's chief product officer, has decided to leave the company after joining the ride-hailing service in 2014 following a sting at Groupon.
Holden was in charge of the company's flying car division, Elevate. Just last week, Uber hosted its second annual flying car summit. Uber poached Eric Allison, the former CEO of flying car company Zee Aero, in March.
"As demonstrated by last week's Uber Elevate Summit, we're incredibly bullish on the future of aerial ride-sharing," an Uber spokesperson said. "Under the leadership of Eric Allison, the Elevate team is set up for success, and will continue to chart the course for this growing industry."
Toshiba Chip Sale Approved by Chinese Regulator
Toshiba Corp.'s (TOSBF) sale of its chip unit to a group led by Bain Capital for $18 billion was approved by Chinese regulators, possibly signaling a thawing of recent frostiness in the relationship between the U.S. and China.
"We are making this important investment because we see the opportunity to further grow Toshiba Memory Corporation," Bain Capital said in a statement. "This transaction will help ensure a competitive global semiconductor market and protect the supply chain from potential disruption."
The sale will take place June 1.
Microsoft Azure Wins $10 Billion U.S. Spy Contract
Microsoft's (MSFT) Azure cloud computing service won a $10 billion contract with the U.S. Department of Defense to provide cloud services for the intelligence community for six years.
Microsoft Azure will service over 10 million government customers from across federal agencies, including the CIA, FBI and others.
Microsoft promises to provide advanced cyber threat protection, deep learning across applications, a connection through the internet of things and other capabilities.
U.S. futures rose ahead of Friday's open as markets look to close this week's trading on a positive note after a minor selloff Thursday.
Dow futures rose 0.25%, indicating an open 61 points higher, while Nasdaq futures gained 0.14%, indicating an open 10 points higher, and S&P futures climbed 0.14%, indicating an open 4 points higher.
Asian markets were showing strength into the weekend, rising across the board. The Shanghai composite led the way, gaining 1.24%, while the Hang Seng rose 0.34% and the Nikkei jumped 0.4%.
In Europe, markets were mixed with the CAC 40 rising 0.07%, the DAX falling 0.06% and the FTSE dropping 0.12% with about four hours left in trading.