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Stocks - U.S. Futures Slump After Disappointing Google, Amazon Earnings

Stock MarketsOct 26, 2018 06:53AM ET
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© Reuters. U.S. futures fell on Friday

Investing.com – U.S. futures tumbled on Friday, as disappointing earnings results from tech giants weighed on sentiment.

The S&P 500 futures fell 32 points or 1.19% to 2,656.25 as of 6:52 AM ET (10:52 GMT) while Dow futures were down 232 points, or 0.93%, to 24,645.0. Meanwhile tech heavy Nasdaq 100 futures decreased 155 points, or 2.24%, to 6,771.25.

Disappointing third-quarter earnings results from Amazon.com Inc (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) spooked investor sentiment. Amazon slumped 9.55% in premarket trading while Alphabet fell 5.48%.

Despite the discouraging results, corporate earnings overall have been positive, with 81% of the 229 S&P 500 companies that have reported so far beating earnings estimates on 26.5% growth, while 61% topped sales forecasts on 9.0% growth.

Other shares that fell in premarket trading include Snap Inc (NYSE:SNAP), down 13.45%, Microsoft (NASDAQ:MSFT), which dipped 2.79%, and Facebook (NASDAQ:FB), which declined 3.25%.

Elsewhere Harmony Gold Mining Company Limited (NYSE:HMY) rose 6.06% while Intel (NASDAQ:INTC) inched up 0.70% and Nokia Corp ADR (NYSE:NOK) surged 4.32%.

Investors are also looking ahead to third-quarter gross domestic product data at 8:30 AM ET (12:30 GMT) to see if the economy has progressed enough for the Federal Reserve to continue raising rates.

The U.S. economy is expected to have grown 3.3% the third quarter, compared to 4.2% in the second quarter. While lower than the second quarter, a strong reading would put the U.S. economy on track for its best expansion in 13 years.

In commodities, gold futures rose 0.71% to $1,237.80 a troy ounce while crude oil futures decreased 1.49% to $66.33 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, inched up 0.06% to 96.51.

Stocks - U.S. Futures Slump After Disappointing Google, Amazon Earnings
 

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Nikita Meshcheriakov
Nikita Meshcheriakov Oct 26, 2018 7:57AM ET
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Who wrote that artickle? Disappointing earnings?! Really?
 
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