Equity futures were rising ahead of the Thanksgiving holiday, following a day that saw the Dow plummet 550 points.
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Mounting concerns about the pace of growth spurred fresh declines in stocks around the world, wiping out yearly gains for the S&P 500 and Dow Jones Industrial Average.
On Wednesday, Dow Jones futures were rising by 0.56 percent. The S&P 500 added 0.64 percent and the Nasdaq Composite was up 0.88 percent.
In Europe, London’s FTSE opened higher by 0.22 percent, Germany’s DAX was up 0.63 percent and France’s CAC added 0.48 percent.
In Asian markets, China’s Shanghai Composite ended the day up 0.2 percent.
Hang Seng Index was down 0.16 percent
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Japan’s Nikkei finished the session down 0.35 percent.
Investors get to examine a full-plate of economic data. Reports include durable goods, existing home sales and consumer sentiment. Also the weekly jobless claims numbers come a day earlier than usual due to Thanksgiving.
U.S. markets will be closed on Thursday.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24465.64 | -551.80 | -2.21% |
| SP500 | S&P 500 | 2641.89 | -48.84 | -1.82% |
| I:COMP | NASDAQ COMPOSITE INDEX | 6908.8231 | -119.65 | -1.70% |
U.S. stocks sold off across the board on Tuesday with the Dow Jones Industrial Average falling over 600 points, before trimming those declines. Losses accelerated in the final hour of trading as all major S&P 500 sectors tumbled led by energy, industrials, financials and tech. The volatility, in what is a short trading week due to Thanksgiving, erased yearly gains for the Dow, S&P 500 and essentially the Nasdaq Composite.
Commodities took a hit with oil falling about 7 percent, the biggest drop in more than three years, now hovering at the $53 per barrel level. In a statement President Trump indicated the U.S. will continue its working relationship with Saudi Arabia and later told reporters oil prices were in “great shape.”
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| AAPL | APPLE INC. | 176.98 | -8.88 | -4.78% |
| FB | FACEBOOK INC. | 132.43 | +0.88 | +0.67% |
| MSFT | MICROSOFT CORP. | 101.71 | -2.91 | -2.78% |
| TWTR | TWITTER INC. | 31.06 | -0.92 | -2.88% |
As for big tech, shares of Apple are officially sitting in a bear market, down 20 percent from October’s record levels, as investors worry about some weakness in iPhone sales. This pressured the broader tech sector as Microsoft and Twitter also joined the retreat, while Amazon swung between losses and gains during the session.
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Additionally, disappointing same-store sales weighed on shares of retailers, including Kohl’s, Lowe’s, TJX Companies, Ross Stores and Best Buy. Shares of Target plunged more than 10 percent after its third-quarter earnings and same-store sales missed estimates. Sales at Target stores open at least a year rose 5.1 percent, short of analysts’ estimates of a 5.21 percent increase, according to IBES data from Refinitiv. Investors eyed this sector ahead of the key holiday shopping season.
Economic news was mixed: Housing starts in October fell for the second straight month, but building permits rose from the previous month and beat analyst expectations.
