U.S Futures sliding - Watch AAPL, AMZN, FB, GOOGL, TWTR

,

The S&P 500 Futures are back in the red after they rebounded yesterday

Trading floor 2

The S&P 500 Futures are back in the red after they rebounded yesterday as investors were encouraged to see more signs in U.S. economic recovery.

Later today, the U.S. Commerce Department will report September personal spending (+1.0% on month expected) and personal income (+0.4% on month expected). The Market News International will release Chicago PMI for October (58.0 expected). The University of Michigan will publish final readings of its Consumer Sentiment Index for October (81.2 expected).

European indices are searching for a trend. The European Commission has posted eurozone's 3Q GDP at -4.3% (vs -8.0% on month expected), October CPI at +0.2% (vs +0.2% on month expected) and September jobless rate at 8.3% (vs 8.2% expected). The German Federal Statistical Office has released 3Q GDP at +8.2% (vs +7.2% on quarter expected) and September retail sales at -2.2% (vs -0.6% on month expected). France's INSEE has reported 3Q GDP at +18.2% (vs +15.1% on quarter expected) and October CPI at -0.1% (vs +0.2% on month expected). In the U.K., the Nationwide Building Society has posted its House Price Index for October at (vs +0.4% on month expected).

Asian indices faced a drop. This morning, official data showed that Japan's jobless rate was unchanged at 3.0% in September (3.1% expected), while industrial production rose 4.0% on month (+3.0% expected).

WTI Crude Oil futures remain on the downside. Later today, Baker Hughes will report the total number of rig counts for the U.S. and Canada.

US indices closed up on Thursday, lifted by Media (+3.3%), Energy (+3.2%) and Technology Hardware & Equipment (+3.06%) sectors.

Approximately 58% of stocks in the S&P 500 Index were trading above their 200-day moving average and 12% were trading above their 20-day moving average. The VIX Index fell 3.08pts (-7.65%) to 37.2, while Gold declined $7.62 (-0.41%) to $1869.57, and WTI Crude Oil dropped $1.10 (-2.94%) to $36.29 at the close.

On the US economic data front, Initial Jobless Claims fell to 751K for the week ending October 24th (770K expected), from a revised 791K in the week before. Continuing Claims declined to 7,756K for the week ending October 17th (7,775K expected), from a revised 8,465K in the prior week. GDP surged to +33.1% on quarter for the third quarter advanced reading (+32.0% expected), from -31.4% in the second quarter third reading, marking an all-time high. Finally, Pending Home Sales slipped 2.2% on month in September (+2.9% expected), compared to +8.8% in August.


Gold is gaining ground as the US dollar consolidates on COVID-19 concerns.
 

Gold rose 10.63$ (+0.57%) to 1878.22.

the dollar index fell 0.12pt to 93.834 the day's range was 93.767 - 93.978 compared to 93.335 - 94.102 the previous session.


U.S. Equity Snapshot


Apple (AAPL), the tech giant, slid after hours as quarterly iPhone sales missed estimates. The company did not give guidance for the current quarter. 


Source: TradingView, GAIN Capital

Amazon.com (AMZN), the world's largest online retailer and web services provider, lost some ground postmarket after forecasting current quarter operating income that missed estimates.

Facebook (FB), the social network, fell in extended trading after the company said that its business may slow in 2021. 

Alphabet (GOOGL), Google's holding company, surged after hours as quarterly earnings beat estimates.

Twitter (TWTR), the social networking platform, plunged postmarket as user growth missed estimates.

Starbucks (SBUX), the global specialty coffee chain, is expected to lose some ground at the open despite posting quarterly earnings above expectations.

More from Equities

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.