view original
postUS stock futures fell on Friday after Wall Street’s sharpest sell-off in over a month, as investors jumped out of techs amid ebbing faith in a December interest-rate cut.
Dow Jones Industrial Average futures (YM=F) shed 0.1%, while those on the S&P 500 (ES=F) dropped 0.3%. Contracts on the tech-heavy Nasdaq 100 (NQ=F) sank 0.5%.
Stocks are poised to build on Thursday’s bruising session, which saw the major indexes log their steepest one-day declines in over a month. The Nasdaq Composite (^IXIC) led those declines as heavyweights Nvidia (NVDA), Broadcom (AVGO), and Tesla (TSLA) all tanked.
Rising concern that the Federal Reserve won’t cut interest rates at its December meeting has spurred a retreat from stocks, amid continued debate over high Big Tech valuations and a potential AI bubble. Traders now see a roughly 52% chance of a quarter-point rate cut next month, down from nearly 63% a day earlier and more than 95% a month ago.
In recent days, a wave of Fed officials have delivered more hawkish commentary, with Minneapolis Fed President Neel Kashkari saying recent data has shown “more of the same” resilience in the economy, suggesting he could view a rate hold as the best option. He said, however, that “I can make a case” for either option.
Meanwhile, the end of the six-week government shutdown proved only a slight tailwind for markets, even as it lifted the brake on official data reports. Questions remain as to what data will end up being released — and in what form it will be unveiled — now that the government has reopened.
Read more: The best from Yahoo Finance Invest: Big moments, bold insights from top voices
LIVE 3 updates
-
Premarket trending tickers: Warner Bros, Whirlpool and Applied Materials
Warner Bros (WBD) stock rose 3% before in premarket trading on Friday after news that Paramount (PSKY), Comcast (CMCSA) and Netflix (NFLX) were preparing bids for the entertainment group.
Whirlpool (WHR) stock rose 3% before the bell on Friday following news that Investor David Tepper’s Appaloosa Management had purchased 5.2 million shares of the appliance maker.
Applied Materials (AMAT) stock fell 5% in premarket trading on Friday after the chipmaker reported a slowdown in revenue. The companies first quarter forecast was more upbeat.
-
Bitcoin’s bear market deepens as ETF investors yank $870 million
Bloomberg reports:
Bitcoin (BTC-USD) fell further below the $100,000 mark as a bout of risk aversion sweeping across markets saw investors pull nearly $900 million from funds investing in the token.
The largest digital-asset sank as much as 2.8% to below $96,000 on Friday before paring losses, leaving it more than 20% below a record high reached in early October.
The crypto market remains under strain after $19 billion in liquidations on Oct. 10 in turn erased over $1 trillion from the total market value of all cryptocurrencies, CoinGecko data shows. The liquidations keep coming, with more than $1 billion worth of leveraged crypto bets wiped out in the past 24 hours, according to CoinGlass data.
Meanwhile, exchange-traded funds investing in bitcoin saw net outflows of about $870 million on Thursday, the second-largest daily withdrawal since their debut.
Read more here.
-
Gold rises with government shutdown instability buoying haven demand
Gold (GC=F) prices have been boosted after a month of declines, as uncertainty surrounding data and the aftermath of the government shutdown has led investors to the haven asset.
Bloomberg reports:
Read more here.
