Amazon’s (AMZN) revenue miss and the GDP rising less than expected pressured stocks on Friday. Corporate earnings remain in focus and sentiment got a boost as prospects for a $550B infrastructure package is looking more likely to pass through the Senate this week.
Square (SQ) is to acquire Afterpay, an Australia based buy-now, pay-later company. The deal would be Square’s largest acquisition. Square says the buy-now, pay-later business is an alternative to consumer credit, and it appeals to younger consumers. Square shares are down 3.18% after the announcement.
Zoom Video Communications (ZM) reached a preliminary settlement for a $85 million data privacy lawsuit. The lawsuit was filed in April 2020 and alleged Zoom shared personal data with Facebook (FB), Microsoft’s (MSFT) LinkedIn, and Google (GOOGL). The lawsuit also alleged Zoom allowed Zoombombing, a way for hackers to interrupt Zoom meetings with pornography, vulgar language, or other content. The settlement would provide Zoom users with 15% refunds on their subscriptions.
Earnings include NXPI, SPG, RACE, TTWO, and SEDG.
The economic calendar includes Markit Mfg PMI @ 9:45am ET, ISM Mfg Index and Construction Spending @ 10:00am ET.
Volatility remains steady with the ES 5-day average range around 40 points.
No Size bias a Size did not participate in the Globex bullish rally.
