US stock futures are falling ahead of the last trading day of the week due to the drop in quarterly results of some tech names.
Dow futures showed a 1.5% decline, with Nasdaq futures down almost 2%.
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The five tech giants reported strong earnings but mixed outlooks on Thursday, a sign of various fortunes as they struggled to recover from a pandemic-related recession earlier. this year.
While all five ̵1; Amazon, the parent Alphabet of Google, Facebook, Apple and Twitter – all exceeded analyst expectations, gloomy forecasts and other uncertainties led to a drop in stock prices for all except Alphabet in post-market transactions.
Twitter shares fell 15%, Apple lost 4% and Facebook fell more than 2%.
TWITTER SHARES PLUNGE AS SLOW GROWING USERS
The busiest week of third-quarter earnings ended with two Dow members – Chevron and Honeywell – reporting ahead of the opening bell. We will also receive results from the former Dow component and the oil and gas giant ExxonMobil.
The Commerce Department will report personal income and expenditures for September. Spending is expected to increase by 1%, corresponding to an increase in August. Earnings are likely to rise 0.4%, reversing August’s 2.7% slide.
The University of Michigan will release its final consumer sentiment index for October. It is expected to remain unchanged from a preliminary reading of 81.2.
US ECONOMIC GROWTH SIGNED BUT NOT RECEIVED BY SNAP CORONAVIRUS
Investors are also looking forward to next week’s US presidential election and weigh in on economic stimulus opportunities from Washington and Europe.
Investors have been dismayed by the lack of progress in negotiations between the White House and Congress on the new US stimulus measure. Hope for action ahead of Tuesday’s election and the likelihood of contesting the outcome have diminished.
In Europe, London’s FTSE fell 0.8%, Germany’s DAX fell 0.9% and France’s CAC fell 0.8%.
In Asia, the Nikkei 225 in Tokyo fell 1.5% and the Hang Seng index in Hong Kong fell 2.1%.
China’s Shanghai Composite Index fell 1.5% after the ruling Communist Party said it would turn China into a self-reliant “technology powerhouse” because its feud with Washington hinders access to successful components. high technology.
|Me: DJI||DOW JONES AVERAGES||26659.11||+139,16||+ 0.52%|
|SP500||S&P 500||3310.11||+39.08||+ 1.19%|
|Me: COMP||NASDAQ Composite Index||11185.592838||+180.72||+ 1.64%|
The standard S&P 500 index rose 1.2% to 3,310.11 on Thursday, thanks to a rebound in technology stocks as the market stabilized after its worst drop in four months.
The Dow Jones industrial average rose 0.5% to 26,659.11. Tech-heavy Nasdaq aggregation rose 1.6% to 11,185.59.
JOB REQUIREMENTS DOWN TO 751,000, LOWEST LEVEL FROM MARCH
Traders welcomed data showing that the number of US workers applying for unemployment benefits fell last week to 751,000. This is down from 791,000 last week and better than economists expected.
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On the energy market, the US standard crude oil price rose 4 cents to $ 36.21 a barrel in electronic trading on the New York Mercantile Exchange. Contract dropped $ 1.22 on Thursday to $ 36.17. Brent crude, the standard price for international oil, fell 29 cents to $ 37.36 a barrel in London. It lost $ 1.47 in the previous session to $ 37.65.
Associated Press contributed to this report.