US stocks have been having a rocky “red October,” with catalysts ranging from fears about a China trade war, the Fed raising interest rates, and a spike in bond yields. Those worries eased into a relief rally Thursday— with major US benchmarks all up at least 1.6%.
That relief is set to be short-lived once the opening bell rings in New York on Friday — Amazon, Google and Snap all posted earnings that spooked investors, sending Amazon’s stock slumping 8% in early morning trading. Google parent Alphabet was down 5% and Snap lost 7.7% at about 5:10 a.m. in New York.
Here’s how the markets are faring so far:
- The Nasdaq is set for a lower open, with futures down 2.9% in New York pre-market trading. The S&P 500 futures were down 1.6% and the Dow declined 1.2%.
- In European trading, the benchmark Euro Stoxx 50 was down 1.7% as of 10:10 a.m. in London; Germany’s DAX lost 1.8%; the UK’s FTSE 100 was down 1.5%.
- Asian stocks were subdued: Hong Kong’s Hang Seng index slipped 1.1%; the Shanghai Composite Index closed down 0.3% and the Nikkei was off by 0.4%
- Oil is falling, crude is down 0.7% to $76 a barrel. Oil and mining companies suffered heavy stock losses in Friday trading. BP, Shell and Rio Tinto posted declines of 1.7% or more.
- Gold, known as a safe-haven asset, is up 0.8%.