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.
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.
Add a Comment
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.