Translate

Search This Blog

Search Tool




Oct 15, 2018

Before The Bell: US futures point to a triple-digit fall as sell-off resumes; Netflix and Goldman drop in premarket I CNBC

CNBC.com


U.S. stock index futures dropped, indicating that a 4 percent drop in the major indexes last week was not yet over.
At around 6:31 a.m. ET, Dow futures were seen more than 109 points lower, indicating a negative open of 128 points. Futures on the S&P and Nasdaq were also lower.
U.S. stocks finished almost 300 points higher on Friday but still registered steep losses for the week as investors fretted over rising interest rates. The Dow and S&P 500 finished the previous trading week down more than 4 percent, while the Nasdaq posted a 3.7 percent weekly loss.
Investors blamed rapidly rising interest rates, concerns about technology stock valuations and a possible slowdown in the global economy for the selling. The 10-year Treasury yield hit a seven-year high of 3.26 percent last week.
In Monday's premarket trading, shares of Goldman Sachs, which reports earnings on Tuesday, were lower by about 1 percent. Netflix shares were off by more than 1 percent.
Earnings season kicks into high gear this week with Morgan Stanley, Johnson & Johnson, Procter & Gamble and Honeywell reporting. Investors are hoping some strong results will stave off the selling, but company outlooks could reinforce current concerns about rising rates and a slowing global economy due to tariffs.
Bank of America and Charles Schwab are both set to publish their latest figures before the opening bell.
Retail sales figures for September are scheduled to be published at around 8:30 a.m. ET on Monday. Later in the session, Empire State Manufacturing Index data for October and business inventories data for August are both set to be released at around 10:00 a.m.