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Pre-Markets Mixed: Disappointing Tech Earnings Send Nasdaq Futures Lower

U.S. stocks were mixed as tech stocks dropped following weak earnings by social media giant Snap.

Futures on Dow Jones Industrial Average and the S&P 500 were up in premarket trading, while the tech-heavy Nasdaq index dropped.

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China’s developer Evergrande made a last-minute bond payment, helping lift markets in Asia, which boosted sentiment in Europe and the U.S.

Level Chg. Chg. %
DOW Futures 35,560.00 80 0.23%
S&P 500 Futures 4,546.75 5 0.11%
Nasdaq Futures 15,450.75 -28 -0.18%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury is nearing 1.7%. The dollar weakened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.68 -0.09 -0.10%

 

Yield Change Previous close
U.S. 1 Year Treasury Bill 0.117% 0.003 0.114%
U.S. 2 Year Treasury Note 0.470% 0.009 0.461%
U.S. 5 Year Treasury Note 1.245% 0.009 1.236%
U.S. 10 Year Treasury Note 1.693% -0.009 1.702%
U.S. 20 Year Treasury Bond 2.109% -0.019 2.128%
U.S. 30 Year Treasury Bond 2.135% -0.016 2.151%

Stocks To Watch

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Social media company Snap was down 20% after revenue fell short of estimates. Profits were at 17 cents per share vs estimated 8 cents. Revenue was $1.07 billion, short of $1.10 billion estimates. The company warned shareholders that Apple’s change in advertising rules could hit Q4 revenues.

Social media giants Facebook and Twitter were both hit hard after the news of Snap’s earnings hit. Google was down as well.

U.S. apparel and footwear company VF Corporation missed earnings estimates. North Face parent company posted earnings of $1.11 per share, vs $1.15 estimate. Revenues were up $3.20 billion from $2.61 billion a year ago.

Financial services company American Express topped Wall Street estimates. The company earned a profit of $2.27 per share on revenue of $10.9 billion, vs estimated $1.80 a share on revenue of $10.52 billion. The company saw a “continued rebound in travel and entertainment spending,”, especially in restaurants.

Symbol Movers Price Chg. % Volume
SNAP Snap $60.15 -19.92% 1.3M
FB Facebook $329.83 -3.62% 282.9K
TWTR Twitter Inc $62.91 -3.81% 55K
GOOG Alphabet $2,813.31 -1.48% 4.6K
VFC VF Corp $68.55 -7.45% 66,477
AXP American Express $180.50 1.71% 25.6K

 

Commodities To Watch

Oil prices were back above $85 on concerns about tight supply and dwindling stockpiles. Gold was stable. 

Price Chg. %
WTI Crude Oil $83.29 0.96%
Brent Crude Oil $85.48 1.03%
Natural Gas $5.32 3.95%
Gold $1,793.90 0.67%
Silver $24.38 0.85%
Copper $4.58 0.49%
Soybeans $1,236.50 0.24%

Crypto

The global crypto market cap is $2.44T, a 9.00% decrease over the last day. Bitcoin’s dominance is currently 48 94%, an increase of 2 65% over the day.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $63,363.41 -2.01% 1.19t
Etherium ETH $4,125.81 -2.04% 485.32b
Cardano ADA $2.19 -1.64% 68.44b
Ripple XRP $1.10 -2.52% 48.61b
Dogecoin DOGE $0.2470 -1.28% 32.56b

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