U.S. stocks could languish for a third straight session on Friday, early trading in index futures show. Earnings news continues to be mixed and the uncertainty around the economic outlook could also weigh down on sentiment.
On Thursday, stocks opened lower but recovered in early trading and moved into the green, as traders digested mixed earnings and economic data on jobs, manufacturing and the housing market. Hawkish Fed speeches and the continued rise in bond yields generated selling pressure, dragging the indices back into negative terrain by mid-session.
The averages traded at depressed levels for the rest of the session before ending moderately lower.
| Index | Performance (+/-) | Value | |
|---|---|---|---|
| Nasdaq Composite | -0.61% | 10,614.84 | |
| S&P 500 Index | -0.80% | 3,665.78 | |
| Dow Industrials | -0.30% | 30,333.59 |
Here’s a peek into index futures trading:
| Index | Performance (+/-) | |
|---|---|---|
| Nasdaq 100 Futures | -0.85% | |
| S&P 500 Futures | -0.55% | |
| Dow Futures | -0.40% | |
| R2K Futures | -0.32% |
In premarket trading on Friday, the SPDR S&P 500 ETF Trust (NYSE:SPY) fell 0.45% to $363.78 and Invesco QQQ Trust (NASDAQ:QQQ) moved down 0.8% to $266.95, according to Benzinga Pro data.
On the economic front, Federal Open Market Committee member and New York Fed President John Williams is scheduled to speak at 9:10 a.m. EDT.
Stocks In Focus:
- Snap, Inc. (NYSE:SNAP) shares plunged after reporting anemic revenue growth for the third quarter. Other social media companies Meta Platforms, Inc. (NASDAQ:META), Pinterest, Inc. (NYSE:PINS) and Twitter, Inc. (NYSE:TWTR) moved in sympathy.
- Tesla, Inc. (NASDAQ:TSLA) fell close to 1%, extending the losses from the previous session.
American Express Co. (NYSE:AXP), Verizon Communications, Inc. (NYSE:VZ) and Schlumberger Limited(NYSE:SLB) are among the companies reporting before the market open.
Large-Cap Premarket Movers:
- Railroad operator CSX Corp. (NYSE:CSX) advanced over 3.20% in premarket trading in reaction to its third-quarter results released after the close.
- British American Tobacco plc. (NYSE:BTI) dropped over 2.6%.
- UBS Group AG (NYSE:UBS) fell over 2%.
Commodities, Global Equity Markets:
After ending Thursday’s session little changed, crude oil futures were pulling back modestly. Black gold held above the $84-a-barrel level at the last check.
Asia-Pacific stocks fell yet again on Friday, tracking the lackluster close on Wall Street overnight. Chinese stocks ended mixed and the Indonesian, Malaysian and Indian markets ended modestly to moderately higher.
The major European averages have pulled back notably in early trading, as the markets in the region reacted to rising bond yields, weak regional economic data and some negative domestic earnings reports.
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