Stock futures plunge led by tech shares – Fox Business
Gibbs Wealth Management President Erin Gibbs, Kadina Group President Gary B. Smith, Kingsview Wealth Management CIO Scott Martin and tech expert Lance Ulanoff break down Big Tech earnings, including Amazon, Google parent Alphabet, Twitter and Facebook.
The busiest week for 3Q earnings season wraps up with two Dow members – Chevron and Honeywell – reporting ahead of the opening bell. We’ll also get results from former Dow component and integrated oil giant ExxonMobil.
The Commerce Department will report personal income and spending for September. Spending is expected to jump 1%, matching the gain in August. Income is likely to rise 0.4%, reversing a 2.7% slide in August.
The University of Michigan’s will release its final index of consumer sentiment for October. It’s expected to remain unchanged from the preliminary reading of 81.2.
Investors are also looking ahead to next week’s U.S. presidential election and weighed the chances of economic stimulus from Washington and Europe.
Investors have been dismayed by lack of progress in talks between the White House and Congress on new U.S. stimulus. Hopes for action ahead of Tuesday’s election and potential wrangling over the outcome have diminished.
In Europe, London’s FTSE is down 0.8%, Germany’s DAX fell 0.9% and France’s CAC declined 0.8%.
In Asia, the Nikkei 225 in Tokyo fell 1.5%, and the Hang Seng in Hong Kong lost 2.1%.
China’s Shanghai Composite Index fell 1.5% after the ruling Communist Party said it will transform China into a self-reliant “technology power” as a feud with Washington hampers access to high-tech components.
Traders welcomed data that showed the number of U.S. workers applying for unemployment benefits eased last week to 751,000. That was down from the previous week’s 791,000 and better than economists expected.
In energy markets, benchmark U.S. crude added 4 cents to $36.21 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell $1.22 on Thursday to $36.17. Brent crude, the price standard for international oils, fell 29 cents to $37.36 per barrel in London. It lost $1.47 the previous session to $37.65.