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Technology stocks drive stock futures plunge



As some technology companies failed to deliver their quarterly results, US stock futures fell before the last trading day of the week.

Dow futures fell 1.5%, and Nasdaq futures fell nearly 2%.

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The five tech giants announced strong surpluses on Thursday, but the outlook is mixed, indicating a change in fortunes, as they are struggling to rebound from the pandemic-related economic slowdown earlier this year.

Although Amazon, Google̵

7;s parent company Alphabet, Facebook, Apple and Twitter exceeded analysts’ expectations, pessimistic forecasts and other uncertain factors have caused all stocks except Alphabet to fall in after-hours trading.

Twitter shares fell 15%, Apple fell 4%, and Facebook fell more than 2%.

As user growth slows, Twitter shares share

At the end of the busiest week of the third-quarter earnings season, two members of the Dow – Chevron and Honeywell – reported before the opening. We will also get results from former Dow Jones index stocks and comprehensive oil giant Exxon Mobil.

The Ministry of Commerce will report on personal income and expenditure in September. Spending is expected to increase by 1%, which is comparable to the increase in August. Revenue may grow 0.4%, reversing the 2.7% decline in August.

The University of Michigan will release its final consumer confidence index for October. The preliminary reading from 81.2 is expected to remain unchanged.

The record of stagnant economic growth in the U.S. has failed and has weakened the coronavirus

Investors are also looking forward to the US presidential election next week and weighed the possibility of economic stimulus measures in Washington and Europe.

The lack of progress in the negotiations between the White House and Congress on the new US stimulus package has frustrated investors. The hope of action and potential disputes over the outcome before Tuesday’s election has diminished.

In Europe, London’s FTSE Index fell 0.8%, Germany’s DAX fell 0.9%, and France’s CAC fell 0.8%.

In Asia, Tokyo’s Nikkei 225 Index fell 1.5%, and Hong Kong’s Hang Seng Index fell 2.1%.

The ruling Communist Party of China stated that it will transform China into a self-reliant “technological power” as the dispute between Washington and China hinders the use of high-tech products. China’s Shanghai Composite Index fell 1.5%.

Stock code Safety continued change Variety%
Me: DJI Dow Jones Average 26,659.11 +139.16 + 0.52%
SP500 S&P 500 3310.11 +39.08 + 1.19%
I: COMP Nasdaq Composite Index 11185.592838 +180.72 + 1.64%

The benchmark Standard & Poor’s 500 Index rose 1.2% to 3,310.11, thanks to a rebound in technology stocks, which is the stable market after the worst decline in four months.

The Dow Jones Industrial Average rose 0.5% to 26,659.11. The high-tech Nasdaq Composite Index climbed 1.6% to 11,185.59.

The lowest claim requirement since March fell to 751,000, the lowest level

Traders welcomed the data showing that the number of American workers who applied for unemployment benefits fell to 751,000 last week. This is down from 791,000 the previous week and better than economists expected.

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In the energy market, the benchmark US crude oil price for electronic trading on the New York Mercantile Exchange rose 4 cents to 36.21 US dollars per barrel. The contract fell $1.22 on Thursday to $36.17. In London, the international oil price standard Brent crude fell 29 cents to 37.36 US dollars per barrel. The previous trading day fell 1.47 US dollars to 37.65 US dollars.

The Associated Press contributed to this report.


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