• Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
Money Profit News
No Result
View All Result
Home Breaking News

Dow futures slide as European Covid woes dent global sentiment; tech shares higher

by
November 19, 2021
in Breaking News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Related Posts

Top U.S., Chinese and Russian officials tour Africa as diplomatic charm offensive gathers pace

Tesla, Nvidia Lead Today’s Biggest S&P 500 Stock Market Losers

Amazon, Qualcomm Partner Driving Breakout With 778% Growth

China’s January factory activity returns to growth as economists cheer its reopening

Stock futures were mixed early Friday as concerns over a resurgence of Covid-19 weighed on global markets, though tech shares pushed higher.

Futures on the Dow Jones Industrial Average fell 202 points, or 0.5%, reversing course having earlier been in positive territory. S&P 500 futures fell 0.2% and Nasdaq 100 futures gained 0.4%.

Markets were roiled after Austria announced on Friday morning that it would re-enter a full national lockdown due to a resurgence of Covid-19. Germany on Thursday announced more restrictions for unvaccinated people as a fourth wave sent daily cases to a record high.

The market rally appeared to have slowed down a bit near record levels even amid strong corporate earnings. Macy’s and Kohl’s both blew past analyst estimates in their quarterly earnings reports on Thursday.

Intuit shares roared nearly 10% higher premarket after the tech platform’s earnings blew past estimates and the company raised full-year revenue guidance. NVIDIA continued its strong run, with shares rising 1.8% on continued momentum from its earnings beat earlier this week.

On the downside, big energy companies were mostly lower as oil prices continued their recent slump, with West Texas Intermediate falling about 2.5%. Occidental Petroleum led the declines, falling 3% in premarket trading Friday.

So far this week, the blue chip Dow is down 0.6%, on pace for its second negative week in a row. The S&P 500 and the tech-heavy Nasdaq Composite are headed for modest gains, up 0.5% and 0.8% this week, respectively. The S&P 500 is on track for it sixth positive week in seven, sitting 0.3% below its all-time high.

More than 90% of the S&P 500 companies have handed in their financial results for the third quarter, and over 80% of them reported earnings better than Street’s expectations, according to Refinitiv. S&P 500 companies are on track to grow profit by 41.5% year over year.

“Better than expected earnings has been the name of the game this week for the market,” Mike Loewengart, managing director of investment strategy at E-Trade Financial. “While investors may have entered earnings season with some trepidation, there are some clear signs that consumers are resilient and corporate balance sheets are strong despite pricing pressures.”

On Thursday, investors digested U.S. jobless claims data that more or less matched expectations. Initial filings for unemployment insurance fell slightly to 268,000 for the week ending Nov. 13, the lowest level since March 2020, and the seventh straight weekly decline. Economists polled by Dow Jones expected them to have fallen to 260,000.

“With jobless claims hovering around pre-pandemic lows, the question now is will the momentum continue– both in terms of our economic recovery and market trajectory,” Loewengart said.

Investors are also keeping an eye on President Joe Biden’s pick for the next Federal Reserve chair, which he is expected to unveil by the weekend. Many expect an even more dovish Fed if Lael Brainard is named the central bank chief, meaning it would take longer to raise interest rates or tighten policy than under Jerome Powell.

In Washington, the House is trying to approve the $1.75 trillion Build Back Better economic package this week. The Senate then plans to take up the legislation after it returns from a Thanksgiving recess.

Next Post

MKM Partners upgrades Walmart to buy, says it can handle inflation better than its peers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:

By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Popular Posts

Breaking News

Top U.S., Chinese and Russian officials tour Africa as diplomatic charm offensive gathers pace

by
January 31, 2023
0

Janet Yellen, US Treasury secretary, during a news conference with Enoch Godongwana, South Africa's finance minister, at the National Treasury...

Read more

Top U.S., Chinese and Russian officials tour Africa as diplomatic charm offensive gathers pace

Tesla, Nvidia Lead Today’s Biggest S&P 500 Stock Market Losers

Amazon, Qualcomm Partner Driving Breakout With 778% Growth

UniCredit shares rise as bank hikes payout goal by 40% after record profit

China’s January factory activity returns to growth as economists cheer its reopening

Dow Jones Falls 260 Points Ahead Of Fed Meeting, Big Earnings; What To Do Now

Load More

All rights reserved by www.moneyprofitnews.com

  • Home
  • Breaking News
  • Privacy Policy
  • Email Whitelisting
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

moneyprofitnews