Stocks Try to Recover from Worst Selloff in Months
October 29,2020 08:36 am EST
Futures tied to the Dow Jones Industrial Average and the S&P 500 turned negative on Thursday as Wall Street struggled to recover from the steep losses earlier this week.
Futures for the Dow Jones Industrials dropped 99 points, or 0.4%, to 26,310.
Futures for the S&P 500 doffed 2.75 points, or 0.1%, at 3,260.75.
Futures for the NASDAQ Composite recovered 24 points, or 0.2%, however, o 11,156.75.
The Dow is down more than 6% this week and the S&P 500 is off by more than 5%, on pace for their worst weeks since March.
The market decline came as investors prepare for a massive day of corporate earnings on Thursday. Moderna, Yum Brands and Comcast, are scheduled to report before the bell.
The afternoon will bring quarterly results from many of the world''s largest tech companies, including Amazon, Apple, Facebook and Google-parent Alphabet. Combined, those companies have a market cap of more than $5 trillion.
Shares of Facebook and Twitter, which also reports results on Thursday afternoon, moved higher in extended trading after fellow social media stock Pinterest reported strong growth in revenue and monthly active users. Shares of Pinterest rocketed 28% higher in after-hours trading.
U.S. gross domestic product for the third quarter is out Thursday morning. Economists surveyed by Dow Jones expect growth of 32% on an annualized basis, a huge comeback that still leaves the economy far below where it was before the coronavirus hit.
Apple, Amazon, Alphabet and Facebook, which all report earnings on Thursday, were higher in pre-market trading.
Overseas, in Japan, the Nikkei 225 fell 0.4% Thursday, while in Hong Kong, the Hang Seng index scaled back 0.5%.
Oil prices dipped $1.85 to $35.54 U.S. a barrel.
Gold prices slumped $7.60 to $1,888.70.