Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Stocks - U.S. Futures Fell as Recession Fears Hit

Published 11/01/2019, 11:42
Updated 11/01/2019, 11:53
© Reuters.

Investing.com – U.S. futures fell on Friday as revenue forecast cuts from a number of companies and weak retail sales over the holidays threatened to derail Wall Street's five-day rally as investors fear a possible recession.

The S&P 500 futures fell 2 points or 0.11% as of 6:40 AM ET (11:40 GMT) while Dow futures lost 8 points, or 0.04%. Meanwhile tech heavy Nasdaq 100 futures decreased 13 points, or 0.20%.

Stocks had risen earlier this week on indications that the Fed could pause its stance on policy tightening and optimistic trade negotiations from the U.S. and China. But weak holiday sales from Macy’s (NYSE:M) and cuts in revenue forecasts from Apple (NASDAQ:AAPL) and American Airlines (NASDAQ:AAL), among others, could wipe out earlier gains.

Meanwhile the government shutdown has become the longest in history and 800,000 Federal workers will miss their first paycheck of the year. U.S. President Donald Trump is at a standstill with Democrats over the shutdown, as he insists that the budget must include funding to build a wall on the U.S.-Mexico border.

Anheuser Busch Inbev (NYSE:BUD) was among the top gainers in premarket trading, gaining 5.4% on news that it is issuing $15.5 billion worth of bonds with a 40-year maturity. Netflix (NASDAQ:NFLX) rose 2.4%, while Procter & Gamble Company (NYSE:PG) increased 0.4%. Apple Inc (NASDAQ:AAPL) was up 0.4% after it announced it is released three new iPhone models this year.

Elsewhere Pacific Gas & Electric (NYSE:PCG) slumped 6.9% while Frontline (NYSE:FRO) slipped 4.6% and Facebook (NASDAQ:FB) was down 0.5%. Activision Blizzard Inc (NASDAQ:ATVI) decreased 7.3% after it announced it was transferring publishing rights for its Destiny franchise to Bungie.

In economic news, the consumer price index comes out at 8:30 AM ET (13:30 GMT).

In commodities, gold futures rose 0.4% to $1,292.35 a troy ounce, while crude oil rose 0.5% to $52.89 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.2% to 94.92.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.