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US STOCKS-Futures lower as technology stocks dip
2017年10月19日 / 中午11点36分 / 1 个月前

US STOCKS-Futures lower as technology stocks dip

* Futures down: Dow 132 pts, S&P 15 pts, Nasdaq 51 pts

By Sruthi Shankar

Oct 19 (Reuters) - U.S. stock index futures pointed to a lower start for Wall Street led by a drop in tech stocks Apple and eBay, on a day that marks 30 years since the 1987 Black Monday stock market crash.

* Apple shares slid about 1.7 percent in premarket trading on Thursday, amid concerns over demand for iPhone 8 and iPhone 8 Plus.

* eBbay tumbled 6.48 percent after the online marketplace warned current-quarter profit could miss estimates as it spends more on marketing.

* The declines come after the Dow Jones Industrial Average closed above 23,000 for the first time on Wednesday.

* Investors are concerned about lofty valuations leading to a long overdue correction, especially on a day when the blue-chip index recorded its biggest-ever single day percentage decline 30 years ago.

* Trump’s drive to overhaul the U.S. tax code is headed for a pivotal moment, with Senate Republicans poised to approve a budget measure that would help them pass tax legislation without Democratic support.

* Trump is set to meet Federal Reserve Chair Janet Yellen, whose term expires in February. Investors are keen to see whom Trump will pick as her replacement. The White House said Trump would announce his decision in the “coming days”.

* A Labor Department report, due at 8:30 a.m. ET (1230 GMT), is likely to show initial jobless claims numbers fell to 240,000 from 243,000, last week.

* Focus is also on China, which reported economic growth slowed slightly in the third quarter, as the government’s efforts to rein in property market and debt risks tempered activity in the world’s second-largest economy.

* Nike dipped 2.10 percent after Goldman Sachs downgraded its stock to “neutral” from “buy”.

* United Airlines fell about 3 percent after the company said net income fell because of losses from flight cancellations during the hurricane season.

* Adobe jumped 6.88 percent after the company forecast earnings for fiscal 2018 above estimates, prompting a slew of price target raises.

Futures snapshot at 7:03 a.m. ET:

* Dow e-minis were down 132 points, or 0.57 percent, with 42,196 contracts changing hands.

* S&P 500 e-minis were down 15 points, or 0.59 percent, with 232,871 contracts traded.

* Nasdaq 100 e-minis were down 51 points, or 0.83 percent, on volume of 46,042 contracts.

Reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur

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