1. Tech under pressure: It could be another tough day for tech stocks. Shares in Amazon (AMZN) and Alphabet (GOOGL), the parent company of Google, both dropped in extended trading after the firms released earnings.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -220.00 | | -156.75 | | -31.75 | | -0.88% | | -2.26% | | -1.18% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -84.13 | | -4.95 | | -110.60 | | 21,184.60 | | 2,598.85 | | 6,893.50 | | -0.40% | | -0.19% | | -1.58% | | | |
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| | | Biggest Losers | | Western Digital Corp | -15.94% | | | | Amazon.com Inc | -9.96% | | | | Alphabet Inc | -5.79% | | | | Alphabet Inc | -5.65% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Tech under pressure; US GDP; Earnings galore | | By Ivana Kottasová, CNN Business | | | | 1. Tech under pressure: It could be another tough day for tech stocks. | | | | Shares in Amazon (AMZN) and Alphabet (GOOGL), the parent company of Google, both dropped in extended trading after the firms released earnings. | | | | Alphabet revealed third quarter revenues of $33.7 billion. While that's a 21% jump from the same time last year, it was less than analysts expected. | | | | It was the same story at Amazon. It reported a $2.9 billion profit for the three months ending in September, its largest to date. But its sales and forecast for the upcoming quarter both came in below Wall Street estimates. | | | | Snap (SNAP), Microsoft (MSFT), Apple (AAPL), Facebook (FB) and Paypal (PYPL) were also lower in premarket trading. | | | | The tech-heavy Nasdaq is having a tough time. Despite a rally on Thursday, the index is still down 9% in October, and on track for its worst month since November 2008. | | | | 2. US GDP: Has the American economy kept its stunning growth pace? The Bureau of Economic Analysis will release the latest GDP data at 8:30 a.m. ET. | | | | With the midterm elections less than two weeks away, the number will be closely watched. The second quarter saw impressive 4.2% growth, the highest since 2014. | | | | While the economy is still strong, it is increasingly facing pressures from slower global growth and President Donald Trump's trade policies. | | | | Forecasts for the three months to September range from 2.1% to 3.9%. A survey of economists conducted by Refinitiv came in at 3.3%. | | | | That would still be significantly higher than the 2.3% average over the 37 quarters of the latest economic expansion. | | | | 3. Global market overview: US stock futures were firmly down. | | | | European markets opened sharply lower. Benchmark indexes in London, Frankfurt, Paris and Madrid shed between 1.5% and 2%. | | | | Asian markets ended the session in negative territory. Korean Kospi was the biggest loser in the region, down 1.8%. | | | | The slump comes after a day of gains on Wall Street. The Dow gained 1.6% on Thursday, while the S&P 500 added 1.9%. The Nasdaq surged 3%. | | | | 4. Earnings and economics: Colgate-Palmolive (CL), Charter Comm (CHTR) and Phillips 66 (PSX) will release earnings before the open. | | | | Royal Bank of Scotland (RBS) has put aside £100 million ($128 million) to deal with the "more uncertain economic outlook." | | | | It's the first big lender to take such step ahead of the United Kingdom's exit from the European Union in March. Shares in the bank dropped over 4.4%. | | | | Total (TOT) said net income grew 48% to $4 billion in the most recent quarter, boosted by a sharp rise in oil prices. Shares in the French oil giant dropped 2%. | | | | What boosted Total is causing headaches for IAG, the owner of British Airways. The company said higher fuel costs will impact its profits this year. | | | | Despite the cost increase, IAG (ICAGY) still beat analyst expectations on sales and shares rose 2%. | | | | Swiss group Richemont (CFRHF) has signed a deal with Alibaba (BABA) to bring its Net-a-Porter and Mr. Porter brands into the world's largest luxury market. | | | | | | | |
| | | | | | | Friday — Colgate-Palmovie (C) and Charter Communications (CHTR) earnings | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $66.46 | -0.87 / -1.29% | | | Gold | $1,239.20 | +6.80 / +0.55% | | | 10-yr | 3.14% | +0.01 / +0.38% | | | Euro | $1.14 | -0.00 / -0.15% | | | |
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