Nixse
0

U.S. stocks fell on Friday while European shares fluctuated

 U.S. equity-index futures declined on Friday due to new concerns about the outlook for technology giants. Meanwhile, European stocks fluctuated as a string of mixed earnings reports caused turbulence on the market.

 

Nasdaq 100 contracts plummeted down by approximately 1.4%, having earlier reached a 2.7% decrease after Twitter Inc.’s user growth and Apple Inc.’s iPhone sales both missed estimates. The two stocks collapsed in premarket trading. However, the scene was not entirely bleak as Alphabet Inc. shares surged forward after it reported a rebound in digital advertising. Treasuries and the dollar held steady after data showed U.S. personal income and spending increased more than analysts expected in September.

 

Tech stocks also faltered in Europe, along with Novo Nordisk A/S. Danish drug giant’s earnings underwhelmed analysts. Furthermore, the U.K.’s NatWest Group Plc reported improved pictures for loans, while Bank stocks soared after Spain’s BBVA SA.

 

Weakness in technology shares is adding to stock markets’ volatility that’s likely to remain elevated during the next week due to approaching U.S. election. Meanwhile, global equities are on course for the worst weekly decline since March as the lack of an agreement on U.S. stimulus and lockdown measures in some countries dent sentiment. New U.S. Covid-19 cases surpassed 89,000, setting a daily record.

 

Investors seem inclined to risk-off attitude

 

Jean-Francois Paren, the head of global markets research at Credit Agricole CIB, stated that their short-term risk-appetite indicator is firmly in negative territory. The adjustment of risky asset prices to the weaker economic and epidemic outlook could continue. However, that is not encouraging for risk asset prices in the coming days, considering the uncertainty regarding the U.S. elections.

 

Overall, Futures on the S&P 500 Index tumbled down by 1% on Friday, while Nasdaq 100 Index futures dropped down by 1.2%. The Stoxx Europe 600 Index also decreased by 0.1%. In Asia, the MSCI Pacific Index plummeted down by 1.3%.

 

Spot gold headed for its third consecutive monthly decrease, while Crude oil changed insignificantly in New York. West Texas Intermediate crude tumbled down by 0.1% to $36.13 a barrel. On the other hand, Gold increased by 0.7% to $1,881.08 an ounce. Iron ore also surged forward by 1.7% to $116.10 per metric ton. But LME nickel dropped by 2.3% to $15,170 per metric ton.

 

The yield on 10-year Treasuries lowered by less than one basis point to 0.82%. Meanwhile, Germany’s 10-year yield edged up by less than one basis point to -0.63%. Italy’s 10-year yield added four basis points to 0.731%. Britain’s 10-year yield also jumped by one basis point to 0.229%.

  • Support
  • Platform
  • Spread
  • Trading Instrument
Comments Rating 0 (0 reviews)


You might also like

Leave a Reply

User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending