Today's stock futures decline, but the S&P 500 remains on track for its best week since November 2020.

BY THE NUMBERS

The S&P 500 and on Thursday each climbed for three straight sessions, while the Nasdaq was on track to rise for the first week in the past three, with its best weekly performance since February 2021. The Dow was set to break five straight losing weeks, also with its best weekly gain since November 2020. Dan Niles predicts a recession, picks stocks to weather volatility ahead (CNBC Pro). Cramer sees these 11 recently boosted dividend stocks as buys (CNBC).

St. Louis Fed President James Bullard said Friday that he would like to see 12 rate hikes this year to combat inflation. The benchmark yield on Wednesday jumped to May 2019 highs of 2.24% after the Fed's rate rise and signaled six more rate increases this year. Fed Governor Waller said that half-point rate hikes may be necessary to control inflation.

On Friday, the price of nickel on the London Metal Exchange fell 12%, reaching a limit down again. Meanwhile, U.S. oil prices were on track for a second consecutive negative week, with their worst weekly loss since November 2021.

On Friday, GameStop's shares dropped about 9% in premarket trading after the company reported an unexpected loss in the holiday quarter due to supply chain issues. The company did not provide any forward guidance. GameStop plans to launch a marketplace for nonfungible tokens by the end of the second quarter. (Source: CNBC)

IN THE NEWS TODAY

On Friday, U.S. President Joe Biden and Chinese President Xi Jinping will have their first conversation since Russia invaded Ukraine in late February at 9 a.m. ET. The Chinese state media has primarily focused on the negotiations between Moscow and Kyiv, without referring to the conflict as an invasion or war, while accusing the U.S. of "fueling" the tensions. (CNBC)

Ukrainian forces repelled Russian attacks on their cities on Friday, with new missile strikes and shelling of Kyiv and the outskirts of the western city of Lviv. Ukrainian President Volodymyr Zelenskyy thanked Biden for additional military aid but declined to specify how the funds would be used. Both Ukraine and Russia reported some progress in negotiations this week. Meanwhile, the US House voted to strip Russia of its most favored nation trade status.

Burger King cannot legally halt its operations in Russia immediately as it divests its 15% stake in its Russian business, which was established through a joint venture with Alexander Kolobov, Investment Capital Ukraine, and VTB Capital, which has been hit by U.S. sanctions. Meanwhile, Koch Industries will continue to operate its factories in Russia. (Sources: CNBC, NY Times)

Moderna has asked the FDA to authorize a fourth shot of its Covid vaccine as a booster dose for all adults, while Pfizer has only requested approval for seniors. The request is broader than Pfizer's earlier this week. Moderna CEO has sold over $400 million in Moderna shares during the pandemic, according to CNBC. Ivermectin did not reduce Covid hospitalizations in the largest trial to date, as reported by the Wall Street Journal.

CNBC reported that AAL will resume sales of alcoholic beverages on domestic and short-haul international flights next month, a plan it delayed almost a year ago due to unruly passengers and attacks on crew members, mainly caused by disagreements about Covid mandates.

Disney's (DIS) senior leaders have expressed their frustration to CEO Bob Chapek about his handling of the "Don't Say Gay" legislation in Florida, according to sources. The CEO and the company faced criticism for not speaking out earlier against the Parental Rights in Education bill.

STOCKS TO WATCH

Although FedEx's revenue exceeded analyst expectations, the company missed earnings estimates by 5 cents in its latest quarter due to worker shortages caused by the Covid omicron variant outbreak. As a result, FedEx's bottom line was negatively impacted, and the delivery service lost 3% in the premarket.

The company's stock price dropped 3.6% in premarket trading after it released weaker-than-anticipated quarterly guidance. The company attributed the decline to rising raw materials costs, among other factors.

Reuters reports that (BA) is in negotiations with (DAL) for a potential order of up to 100 737 MAX 10 jets.

The crafts retailer, JOAN, experienced a 8.3% decline in the premarket after failing to meet quarterly sales expectations and announcing a $60 million increase in ocean freight costs for 2021. The company stated that the freight increase was one of several significant supply chain challenges and disruptions.

Piper Sandler downgraded WING from "overweight" to "underweight," causing the stock to fall more than 4.5% in premarket trading. Piper stated that it will be challenging for the company to maintain a premium valuation during the restaurant industry expansion cycle as higher expenses impact earnings.

After Jefferies began coverage with a “buy” rating, the fashion rental company's extensive offerings and high barrier to entry are among the factors that will drive top-line growth of as much as 50%.

WATERCOOLER

On Thursday night, the Saint Peter's Peacocks, a 15 seed, defeated the No. 2-seed Kentucky Wildcats in the NCAA Tournament. The small Jesuit school from Jersey City won the game 85-79 in overtime. Saint Peter's will now face either Murray State or San Francisco in the second round of the East Region on Saturday. (AP)