Dow set to rise after closing above 34,000 for the first time

Dow futures rose slightly Friday, one day after Average of 30 stocks gained nearly 1% and closed above 34,000 for the first time. the S&P500 rose 1.1% to close a new record high. the Nasdaq had the best day, jumping 1.3% and ending 0.4% off its February closing high. Tech stocks rallied on Thursday as the 10-year Treasury yield slipped less than 1.6%. (CNBC)

* ‘Roaring Kitty’ is set to rake in millions on its GameStop options bet on Friday (CNBC)
* Dogecoin soars 300% in a week, stoking fears of a cryptocurrency bubble (CNBC)

Morgan Stanley (MS) reported this morning earnings and revenue above expectations in the first quarter on solid bond trading results, after a week of exceptional quarterly results for financial companies. (CNBC)

* PNC Financial fell despite falling profits and revenue (Press release)
* Bank of New York Mellon shares rose after bank profits, revenue beat (Press release)

Retail sales boom in March Thursday helped push stocks higher – and on Friday investors took a peek at the booming residential real estate market. The Commerce Department said Housing starts in March jumped 19.4%, beating estimates. Building permits gained 2.7%, below expectations. (CNBC)

* “We need at least one more check” – the case for a fourth stimulus check (CNBC)
* Cruise line CEOs urge White House Covid team to resume sailings, sources say (CNBC)
* American Eagle Outfitters CEO Sees Post-Covid ‘Roaring Twenties’ for Malls (CNBC)

China reported first-quarter gross domestic product slightly below expectations as industrial production disappointed but retail sales beat estimates. GDP jumped 18.3% in the first quarter of the previous year. In the first quarter of 2020, the economy there shrank by 6.8% at the height of the national Covid epidemic. (CNBC)

The head of the World Health Organization said on Friday that an alarming trend of the rise in Covid cases has resulted in infections around the world now approaching their highest level ever. In the United States, cases per week are well below their historical highs, but in line with the levels seen during the summer surge. (CNBC)

Pfizer (PFE) CEO Albert Bourla said people will probably need a booster dose of a Covid vaccine within 12 months of full vaccination. Bourla also said it’s possible that annual coronavirus vaccinations will also be needed. (CNBC)

* Eli Lilly asks FDA to revoke authorization of Covid drug due to new variants (Reuters)

At least eight people have died after a gunman opened fire on a fedex settling in Indianapolis on Thursday night and then took his own life, city police said. FedEx said in a statement, “We are deeply shocked and saddened by the loss of our team members. … We are cooperating fully with the investigating authorities.” (NBC News)

* Video shows 13-year-old boy was not holding a gun when he was shot by Chicago police (AP)
* Chauvin skips testifying as trial in George Floyd’s death nears end (AP)
* Wright family demands tougher charges against ex-Minnesota officer (AP)
* Critics condemn officer involved in Breonna Taylor raid writing book (Louisville Courier Journal)

President Joe Biden is welcoming Japan’s prime minister at the White House on Friday in his first face-to-face meeting with a foreign leader, a choice that reflects Biden’s focus on building alliances to deal with a more assertive China and other global challenges. (AP)

The National Football League is officially open for sports betting, announcing sports betting partnerships with top companies Caesars (CZR), FanDuel and DraftKings (DKNG). The agreements allow sports betting companies to use the NFL’s intellectual property and use its trademarks for betting promotions. (CNBC)

Hedge fund manager David Einhorn has warned of the dangers to retail investors he sees in the stock market, and one of his prime examples was a small New Jersey deli with a market capitalization of over of $100 million. The Paulsboro, New Jersey-based store is the only location for International hometown (HWIN), with just $35,748 in sales over the past two years combined, according to securities filings.

* The NJ high school wrestling coach is the CEO of a $100 million company that owns the deli (CNBC)

Shares of the new public cryptocurrency exchange Coinbase (COIN) plunged in premarket trading on Friday. Weakness has come despite a new vote of confidence from popular investor Cathie Wood, whose Ark Invest bought about $110 million worth of stock on Thursday. (Reuters)

sunrun (RUN): Shares of the residential solar company jumped 3% after Simmons Energy upgraded the stock to an “overweight” rating. In a note to clients, the company said the company has strong growth ahead and recent weakness presents an attractive buying opportunity.

Cisco (CSCO): Shares of Cisco rose 1.1% in premarket trading on Friday after Wolfe Research upgraded the stock to “outperform.” Analyst Jeff Kvaal wrote that “heavy IT spending should be a tailwind to Cisco’s estimates” through fiscal 2022 and said shares are expected to climb to $63, up 22% from compared to Thursday’s close.

Comcast (CMCSA): Shares of Comcast rose 1.2% before the opening bell after Raymond James upgraded the stock to an “outperform” rating and told clients it expects more strong first quarter results from the media giant. “We believe HSD’s strength, Peacock’s undergrowth, improving movie theater revenues and phased theme park reopenings are good for the NBCU going forward,” analyst Frank wrote. Louthan.

Simon Real Estate Group (SPG): Shares of the real estate company rose in premarket trading after Jefferies upgraded the stock to “buy” from “hold.” The Wall Street firm said “investment from retailers, pent-up consumer demand and lower bad debts are positive catalysts” for the mall owner.

United Airlines (UAL): United Airlines shares surged into premarket trading following an upgrade to “buy” from “hold” from Argus. The Wall Street firm said it liked the airline’s plans to limit capacity, cut structural costs by $2 billion and restore margins to pre-pandemic levels.

So-called bucket list destinations have high expectations – and often big crowds too. While overtourism can ruin many vacation destinations, that’s not the only reason vacations miss the mark. Here, the travel writers who contribute to CNBC’s Global Traveler share the worst disappointments of their professional career.