Wall Street futures higher after steep selloff with eyes on Big Tech earnings

In this news, we discuss the Wall Street futures higher after steep selloff with eyes on Big Tech earnings.

(Reuters) – U.S. stock index futures rose Thursday after the worst day on the S&P 500 in nearly five months as attention shifted to Big Tech profits, but sentiment was fragile five days before election day.

Heavyweights Apple Inc AAPL.O, Amazon.com Inc AMZN.O and Alphabet Inc GOOGL.O rose about 1% in pre-market trading before their results after the closing bell.

Facebook Inc FB.O, which also reports later in the day, gained 3.2%, building on optimistic forecasts from Pinterest Inc’s PINS.N for sales growth that highlighted a rebound in spending. advertising.

Shares of the image-sharing company climbed more than 30%, also generating 2% gains in Snap Inc SNAP.N and 6% in Twitter Inc TWTR.N.

Investors will see third-quarter U.S. GDP data for the first time at 8:30 a.m. ET (12:30 GMT), which is expected to show a record pace of economic expansion fueled by $ 3 trillion in federal disaster relief. pandemic after a historic crisis in the second. -trimester.

A separate report is expected to show that the number of Americans claiming unemployment benefits likely fell last week, but remained stubbornly high at 775,000 as tax assistance waned.

Efforts stalled in Washington due to a new stimulus and an alarming increase in COVID-19 cases around the world have put major Wall Street indices on track for their worst week since March.

The CBOE .VIX volatility index fell after closing Wednesday at its highest level in nearly five months as uncertainty over the outcome of the US election next week kept investors on edge.

More than 75 million Americans had already voted in a historic turnout, with experts predicting a winner might not be declared on the night of November 3 due to the delay in counting mail in ballots. vote.

Democratic challenger Joe Biden holds a comfortable lead over President Donald Trump in national polls, but the race in the battlefield states that are likely to decide the election is tighter than national polls.

As of 6:47 a.m. ET, Dow E-minis 1YMcv1 was up 0.5% to 26,554 points and the S&P 500 E-minis EScv1 was up 0.71% to 3286.75 points. The Nasdaq 100 E-minis NQcv1 rose 0.97% to 11,240 points.

Gilead Sciences Inc GILD.O slipped 0.8% after lowering its revenue forecast for 2020, citing lower than expected demand and difficulty predicting sales of remdesivir, the only treatment approved in the United States for patients hospitalized for COVID-19.

Report by Medha Singh in Bengaluru; Edited by Anil D’Silva

Original © Thomson Reuters

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