Stock market today: Live updates
Traders work on the floor of the New York Stock Exchange during morning trading on July 31, 2024 in New York City.
Michael M. Santiago | Getty Images News | Getty Images
U.S. stock futures slid on Thursday night as traders considered fresh results from Amazon and Intel. Investors also looked ahead to July’s payrolls report.
Futures tied to the S&P 500 fell 0.4%. Dow Jones Industrial Average futures lost 127 points, or 0.3%, and Nasdaq 100 futures dropped 0.6%.
In after-hours trading, Intel cratered about 20% after announcing weak guidance and layoffs. Amazon slid 5% after missing the Street’s estimates on second-quarter revenue and issuing a disappointing forecast. Apple shares inched higher after a top- and bottom-line beat in the fiscal third quarter.
In the regular session, the major averages fell sharping growing fears of a potential recession. The blue-chip Dow dropped nearly 500 points, or 1.2%. The broad market index slid nearly 1.4%, while the tech-heavy Nasdaq Composite tumbled 2.3%.
The sell-off on Thursday indicates that the market is now “wondering if the Fed is too late in transitioning monetary policy,” said Quincy Krosby, chief global strategist at LPL Financial.
The recent rally in small-cap stocks may also come under threat as investors become more nervous on the broader economic outlook, added Arnim Holzer, global macro strategist at EAB Investment Group. Indeed, the Russell 2000 lost 3% on Thursday.
“Increased market volatility is justified, with potential tech sector disappointments posing a risk to the overall market,” Holzer said.
Friday brings a fresh set of data — and a new catalyst for stocks: July’s nonfarm payrolls. Economists polled by Dow Jones are calling for growth of 185,000 jobs, down from June’s gain of 206,000. The unemployment rate, which is especially important as traders search for signs of an impending recession, is expected to hold steady at 4.1%.
Factory orders are also on deck Friday morning.
On the earnings front, energy giants Chevron and Exxon Mobil will be announcing their quarterly results Friday before the market open.
#Stock #market #today #Live #updates