| | The major U.S. index futures are pointing to a lower opening on Friday, with stocks likely to move back to the downside after moving sharply higher in the previous session.
A negative reaction to the latest batch of corporate results may contribute to a pullback by stocks following the rebound from Wednesday?s sell-off seen on Thursday.
Retail giant Amazon (AMZN) and Google parent Alphabet (GOOGL) are seeing significant pre-market weakness after reporting their third quarter results.
Early selling pressure may be partly offset by the release of a report from the Commerce Department showing stronger than expected economic growth in the third quarter.
Following the sell-off seen on Wednesday, stocks showed a substantial move back to the upside over the course of the trading day on Thursday. The major averages climbed firmly into positive territory, partly offsetting Wednesday?s steep losses.
The major averages pulled back off their best levels going into the close but still ended the day sharply higher. The Dow jumped 401.13 points or 1.6 percent to 24,984.55, the Nasdaq soared 209.93 points or 3 percent to 7,318.34 and the S&P 500 surged up 49.47 points or 1.9 percent to 2,705.57.
Bargain hunting contributed to the rebound on Wall Street, with traders picking up stocks at reduced levels after the major averages ended Wednesday's trading at multi-month closing lows.
A positive reaction to earnings news from big-name companies also generated buying interest after disappointing earnings news weighed on the markets in the previous session.
Shares of Twitter (TWTR) spiked by 15.5 percent after the social media giant reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
Software giant Microsoft (MSFT) also shot up by 5.8 percent after reporting better than expected third quarter results.
Ford (F), Tesla (TSLA), and Whirlpool (WHR) are also among the well-known companies that moved significantly higher after reporting their quarterly results.
Stocks also benefited from the release of some upbeat economic data, including a report from the Commerce Department showing an unexpected increase in durable goods orders in the month of September.
The report said durable goods orders climbed by 0.8 percent in September after surging up by 4.6 percent in August. Economists had expected orders to drop by 0.9 percent.
The unexpected increase in durable goods orders was largely due to a jump in orders for transportation equipment, which shot up by 1.9 percent in September after spiking by 13.2 percent in August.
Excluding orders for transportation equipment, durable goods orders inched up by just 0.1 percent in September after rising by 0.3 percent in August. Economists had expected a 0.3 percent increase.
The National Association of Realtors also released a report showing an unexpected rebound in pending home sales in September.
NAR said its pending home sales index climbed by 0.5 percent to 104.6 in September after tumbling by 1.9 percent to a revised 104.1 in August.
The rebound came as a surprise to economists, who had been expecting pending home sales to edge down by 0.1 percent.
A pending home sale is one in which a contract was signed but not yet closed. Normally, it takes four to six weeks to close a contracted sale.
Meanwhile, a separate report from the Labor Department showed a modest rebound in initial jobless claims in the week ended October 20th.
The Labor Department said initial jobless claims crept up to 215,000, an increase of 5,000 from the previous week's unrevised level of 210,000. Economists had expected jobless claims to inch up to 214,000.
Software stocks turned in some of the market's best performances on the day following the upbeat earnings news from industry giant Microsoft.
Reflecting the strength in the software sector, the Dow Jones Software Index surged up by 4.6 percent after ending the previous session at its lowest closing level in well over three months.
Substantial strength was also visible among biotechnology stocks, as reflected by the 3.5 percent jump by the NYSE Arca Biotechnology Index. The index bounced off a more than five-month closing low.
Retail, computer hardware, housing, and steel stocks also saw significant strength on the day, reflecting broad based buying interest on Wall Street.
Meanwhile, gold stocks bucked the uptrend, with the NYSE Arca Gold Bugs Index plunging by 6.1 percent despite a modest increase by the price of the precious metal.
Utilities stocks also moved notably lower, giving back ground after being among the few groups to move to the upside on Wednesday.
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Economic growth in the U.S. slowed in the third quarter, according to a report released by the Commerce Department, although the pace of growth still exceeded economist estimates.
The Commerce Department said real gross domestic product advanced by 3.5 percent in the third quarter after surging up by 4.2 percent in the second quarter. Economists had expected GDP growth to slow to 3.3 percent.
The slowdown in the pace of growth in the third quarter came after the jump in the second quarter represented the fastest growth since a 4.9 percent spike in the third quarter of 2014.
At 10 am ET, the University of Michigan is scheduled to release its revised reading on consumer sentiment in the month of October.
The consumer sentiment index for October is expected to be unrevised from the preliminary reading of 99.0, which was down from 100.1 in September.
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Shares of Amazon (AMZN) are seeing significant pre-market weakness after the online retail giant reported third quarter earnings that beat estimates but weaker than expected revenues and provided disappointing fourth quarter guidance.
Google parent Alphabet (GOOGL) is also likely to come under pressure after also reporting better than expected third earnings but revenues that came in below expectations.
Shares of Western Digital (WDC) are moving sharply lower in pre-market trading after the hard drive maker reported weaker than expected fiscal first quarter results.
Snapchat parent Snap (SNAP) is also likely to see initial weakness after reporting a narrower than expected third quarter loss but forecast a continued drop in daily active users in the fourth quarter.
Meanwhile, shares of Intel (INTC) may move to the upside after the semiconductor giant reported third quarter results that exceeded analyst estimates and raised its full-year guidance. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks have fallen sharply on Friday, tracking a plunge in U.S. stock futures as Amazon and Alphabet both disappointed with their guidance after the U.S. closing bell. Earnings of domestic firms also proved to be a mixed bag.
While the French CAC 40 Index has plunged by 1.7 percent, the German DAX Index is down by 1.3 percent and the U.K.?s FTSE 100 Index is down by 1.1 percent.
Steel giant ArcelorMittal has fallen sharply after winning a bid to takeover India's debt-laden Essar Steel.
Swedish home appliances giant Electrolux has also slumped. The company trimmed its market demand expectations after reporting a 19 percent drop in third quarter net profits.
Italian oil and gas company Eni has also moved to the downside after cutting its 2018 output growth target.
Royal Bank of Scotland has tumbled as it warned of an uncertain economic outlook after reporting lower than expected third quarter earnings.
Auto parts maker Valeo has also plunged in Paris after issuing its second profit waning in three months.
Swiss cement giant LafargeHolcim rallied 2.6 percent. The company's recurring EBITDA for the third-quarter increased 5.2 percent to 1.867 billion Swiss francs.
BASF has declined after the chemicals giant cut its full-year earnings forecast after reporting a 10 percent drop in third quarter net income.
Meanwhile, British Airways parent International Consolidated Airlines Group has jumped after reporting strong third quarter trading results despite rising costs.
Altran Technologies has also soared after delivering a solid performance in the third quarter, with 10.4 percent organic growth in revenue.
In economic news, German consumer confidence is set to remain stable in November, survey data from market research group GfK showed.
The forward-looking consumer sentiment index came in at 10.6 in November, the same as seen in October. The score was forecast to drop to 10.5.
While the economic and income expectations suffered losses, the propensity to buy rose again in October.
French consumer confidence improved marginally in October, survey data from the statistical office Insee showed. The consumer sentiment index rose to 95 in October from 94 in September, in line with expectations.
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Asian stocks ended a choppy session mostly lower on Friday, as disappointing third quarter sales figures from Alphabet and Amazon released after the U.S. market close spurred fresh concerns about the outlook for U.S. corporate earnings.
A range of other factors such as trade tensions, concerns over Italian government finances and Brexit risks also dampened investor sentiment heading into the weekend.
Chinese shares slipped but ended the week higher on hopes for more government support to boost growth. The benchmark Shanghai Composite Index dipped 4.95 points or 0.2 percent to 2,598.85 but climbed by 1.9 percent for the week.
Hong Kong's Hang Seng Index slumped 276.83 points or 1.1 percent to 24,717.63 after a government report showed Hong Kong's visible trade deficit widened in September from a year ago.
Japanese shares gave up early gains to end modestly lower on anxiety over the outlook for U.S. earnings growth. The benchmark Nikkei 225 Index dropped 84.13 points or 0.4 percent to 21,184.60, while the broader Topix Index closed 0.3 percent lower at 1,596.01.
Canon tumbled 5.6 percent after cutting its full-year outlook. Tech stocks ended mixed, with Advantest losing 2.3 percent, while Tokyo Electron rose 0.4 percent and Screen Holdings added half a percent.
Automaker Honda Motor gained 1.7 percent, Toyota Motor climbed 2.1 percent and Suzuki Motor jumped 3.4 percent despite the yen strengthening against the dollar. Banks Mitsubishi UFJ Financial and Sumitomo Mitsui Financial ended around half a percent higher.
In economic news, overall consumer prices in the Tokyo region rose an annual 1.5 percent in October, the Ministry of Internal Affairs and Communications said. That was in line with expectations and up from 1.3 percent in September.
Australian shares ended marginally higher to end a five-session losing streak but ended the week deep in the red. The S&P/ASX 200 Index inched up 1.10 points or less than a tenth of a percent 5,665.20 but ended the week down by more than 4 percent.
A bounce-back in copper prices helped lift miners, with heavyweights BHP Billiton and Rio Tinto rising around 1 percent. Smaller rival Fortescue Metals Group jumped 5.2 percent and New Century Resources soared 11.6 percent. Gold miners Evolution and Newcrest fell 2-3 percent.
Australia and New Zealand Banking Group rose 0.4 percent and National Australia Bank gained 0.7 percent ahead of their full-year results due next week. Wealth manager AMP tumbled 4.8 percent.
Retail Food Group rallied 2.5 percent after the embattled operator of Gloria Jean?s and Donut King appointed Peter George as chairman to replace the retired Colin Archer.
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Crude oil futures are sliding $0.67 to $66.66 a barrel after climbing $0.51 to $67.33 a barrel on Thursday. Meanwhile, after edging up $1.30 to $1,232.40 an ounce in the previous session, gold futures are rising $2.90 to $1,235.30 an ounce.
On the currency front, the U.S. dollar is trading at 112.15 yen compared to the 112.42 yen it fetched at the close of New York trading on Thursday. Against the euro, the dollar is valued at $1.1348 compared to yesterday?s $1.1375.
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