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Stock futures resumed their march downward after a brief reprieve on Thursday, as concerns about coronavirus lockdowns and worries over quarterly results from tech giants dampened sentiment.
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Dow futures were off 247 points, a decline of 0.9%, while the tech-heavy NASDAQ Composite fell 1.5%, led by declines in Apple Inc., Amazon.com Inc. and Facebook Inc.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 26659.11 | +139.16 | +0.52% |
| I:COMP | NASDAQ COMPOSITE INDEX | 11185.592838 | +180.72 | +1.64% |
| AAPL | APPLE INC. | 115.32 | +4.12 | +3.71% |
| AMZN | AMAZON.COM INC. | 3,211.01 | +48.23 | +1.52% |
| FB | FACEBOOK INC. | 280.83 | +13.16 | +4.92% |
The broader S&P 500 was also sharply lower, falling 1%.
NASDAQ LEADS STOCK REBOUND AHEAD OF BIG TECH EARNINGS
TECH SELL-OFF
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GOOGL | ALPHABET INC. | 1,556.88 | +46.08 | +3.05% |
| TWTR | TWITTER INC. | 52.43 | +3.90 | +8.04% |
Despite better-than-expected results from the Big Tech companies — Amazon, Google parent Alphabet, Facebook, Apple and Twitter — concerns about COVID-19’s effects on the global economy resulted in sharp declines for all, save for Alphabet, whose shares rose nearly 7% in early Friday trading.
Apple, which tumbled nearly 4%, said its subscription bundle, Apple One, would launch Friday, according to Chief Financial Officer Luca Maestri, as it increasingly focuses on services to boost revenue.
COVID-19 CONCERNS
COVID-19 cases continue to rise, with the U.S. topping its single-day high in new cases Thursday at 89,940 infections. The total number of people in the country infected by the virus has topped 9 million, with at least 228,000 deaths attributed to it, according to data provided by Johns Hopkins University.
Concerns of a so-called “second wave” have reemerged not only in the U.S. but in Europe as well, with Germany, France and Italy putting in fresh lockdown measures to slow the spread of the virus.
European markets were also lower Friday, with the Euro STOXX 50 declining by 0.6% and the broader STOXX Europe 600 index also lower.
EARNINGS BARRAGE
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 68.80 | +1.92 | +2.87% |
| HON | HONEYWELL INTERNATIONAL INC. | 164.60 | +3.44 | +2.13% |
Friday will cap the busiest week of earnings, with two Dow members – Chevron and Honeywell – reporting ahead of the opening bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORPORATION | 32.97 | +1.40 | +4.43% |
| ABBV | ABBVIE INC. | 80.67 | +0.18 | +0.22% |
| MO | ALTRIA GROUP INC. | 36.87 | +0.15 | +0.41% |
| CL | COLGATE-PALMOLIVE CO. | 76.67 | -0.19 | -0.25% |
| UA | UNDER ARMOUR INC | 12.04 | +0.38 | +3.26% |
Other notable earnings will come from ExxonMobil, biotech firm Abbvie, Altria, Colgate-Palmolive and apparel maker Under Armour.
ECONOMIC REPORTS
Friday will see the release of two important pieces of economic data, income and spending information for September and consumer sentiment.
Personal income is expected to rise 0.3%, while spending is forecast to climb 1%, according to economists.
At 10 a.m., investors will get the final look at consumer sentiment from the University of Michigan, with economists forecasting a final reading of 81.2, slightly higher than the previous reading of 80.4.
Chicago PMI data will also be released Friday, with traders looking for a reading of 59, indicating expansion.
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Crude oil contracts were up 0.3% on Friday, trading at $36.28 a barrel, after falling nearly 4% Thursday. Gold ticked up 0.4% to $1,876 an ounce.
