1. Tech troubles: It's shaping up to be a rough day for tech stocks. Shares in Nvidia plunged nearly 17% in extended trading after the company's third quarter results came in significantly lower than expected. Shares in rival chipmaker AMD (AMD) slumped 5% after hours.
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| Where U.S. stocks are heading | | Dow
Futures | | Nasdaq
Futures | | S&P
Futures | | -103.00 | | -80.75 | | -14.25 | | -0.41% | | -1.17% | | -0.52% | | | |
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| | | Japan | | China | | U.K. | | Nikkei 225 | | Shanghai Composite | | FTSE 100 | | -123.28 | | +10.94 | | -3.96 | | 21,680.34 | | 2,679.11 | | 7,034.05 | | -0.57% | | +0.41% | | -0.06% | | | |
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| | | Biggest Winners | | PG&E Corp | +31.91% | | | | Edison International | +7.01% | | | | Newell Brands Inc | +0.80% | | | | Exxon Mobil Corp | +0.55% | | | Biggest Losers | | NVIDIA Corp | -16.94% | | | | Applied Materials Inc | -8.20% | | | | Advanced Micro Devices Inc | -5.30% | | | | Micron Technology Inc | -3.66% | | | | | | | |
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| News: What you need to know about the markets | | | | | | | Tech rout; Brexit pressure; Volkswagen announcement | | By Ivana Kottasová, CNN Business | | | | 1. Tech troubles: It's shaping up to be a rough day for tech stocks. | | | | Shares in Nvidia plunged nearly 17% in extended trading after the company's third quarter results came in significantly lower than expected. Shares in rival chipmaker AMD (AMD) slumped 5% after hours. | | | | The pain extended to Asia, where shares in gaming company Nintendo (NTDOY) dropped more than 9% on Friday and SoftBank (SFTBF) stock dropped over 3%. | | | | Some of the unease can be attributed to a sharp decline in the price of bitcoin. Nvidia (NVDA) specializes in making hardware for video game consoles and digital currency mining. | | | | 2. Brexit chaos: Investors are closely monitoring political developments in the United Kingdom, where Prime Minister Theresa May is fighting to keep her Brexit deal alive. | | | | The pound was flat Friday after falling as much as 2% against the dollar during the previous trading session. UK bank stocks including Lloyds (LYG), Barclays (BCS) and Royal Bank of Scotland (RBS) were hit for a second consecutive day. | | | | Investors are worried that Britain could crash out of the European Union without a deal on Brexit. That would trigger new trade barriers and likely plunge the United Kingdom into recession. | | | | "If the deal as proposed fails to pass parliament, the chances of a no-deal Brexit increase," said Kit Juckes, a strategist at Societe Generale. | | | | 3. Global market overview: US stock futures were pointing lower. | | | | European markets opened higher, while stocks in Asia were mixed. Markets in Hong Kong and Korea gained, while Japan's Nikkei moved lower because of the tech rout. | | | | The Dow closed 0.8% higher on Thursday, snapping a four-day losing streak. The S&P 500 added 1% and the Nasdaq gained 1.7%. | | | | Before the Bell newsletter: Key market news. In your inbox. Subscribe now! | | | | 4. Companies and economics: Viacom (VIAB) is set to release its latest earnings before the opening bell. | | | | US industrial production data will be published at 9:15 a.m. ET. | | | | Volkswagen (VLFAK) is set to unveil its electric vehicle investment strategy at a press conference at 6:30 a.m. ET. | | | | The world's biggest carmaker previewed the strategy earlier this week, announcing that two of its factories in Germany will become electric vehicle plants by 2022. | | | | Shares in California electric utility PG&E (PCG) were volatile in premarket trading. The stock plunged to its lowest level in more than 15 years on Thursday over concerns about potential liabilities tied to the Camp Fire. | | | | Markets Now newsletter: Get a global markets snapshot every afternoon. Sign up now! | | | | | | | |
| | | | | | | Friday — Viacom earnings; Industrial production data; VW announcement | | | | | | | |
| Key Market Stats | Latest | Today's Change | | | Oil | $57.41 | +0.95 / +1.68% | | | Gold | $1,216.40 | +1.40 / +0.12% | | | 10-yr | 3.12% | -0.00 | | | Euro | $1.13 | +0.00 / +0.02% | | | |
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