{"id":77006,"date":"2023-10-26T07:19:51","date_gmt":"2023-10-26T11:19:51","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/futures-point-to-nasdaq-sliding-further-into-correction-territory-as-meta-shares-retreat\/"},"modified":"2023-10-26T07:19:55","modified_gmt":"2023-10-26T11:19:55","slug":"futures-point-to-nasdaq-sliding-further-into-correction-territory-as-meta-shares-retreat","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77006","title":{"rendered":"Futures point to Nasdaq sliding further into correction territory as Meta shares retreat"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002659090\" role=\"document\">\n<p>U.S. stock futures fell Thursday as shares in Meta pulled back following results and bond yields hovered near recent highs.<\/p>\n<h2>How are stock-index futures trading <\/h2>\n<ul class=\"articleList\">\n<li>\n      S&amp;P 500 futures<br \/>\n        ES00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209948968\/delayed\" class=\"negative\">-0.79%<\/bg-quote><br \/>\n       dipped 28 points, or 0.6%, to 4181<\/p>\n<\/li>\n<li>\n      Dow Jones Industrial Average futures<br \/>\n        YM00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210407078\/delayed\" class=\"negative\">-0.52%<\/bg-quote><br \/>\n       fell 109 points, or 0.3%, to 33041<\/p>\n<\/li>\n<li>\n      Nasdaq 100 futures<br \/>\n        NQ00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210219788\/delayed\" class=\"negative\">-1.05%<\/bg-quote><br \/>\n       dropped 139 points, or 1%, to 14339<\/p>\n<\/li>\n<\/ul>\n<p>On Wednesday, the Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       fell 105 points, or 0.32%, to 33036, the S&amp;P 500<br \/>\n        SPX<br \/>\n       declined 61 points, or 1.43%, to 4187, and the Nasdaq Composite<br \/>\n        COMP<br \/>\n       dropped 319 points, or 2.43%, to 12821.<\/p>\n<div class=\"paywall\">\n<h2>What\u2019s driving markets<\/h2>\n<p>Poorly received earnings from some big technology companies continued to weigh on markets in early trading Thursday.<\/p>\n<p>The Nasdaq Composite in the previous session recorded its biggest daily drop since February, after shares of Alphabet<br \/>\n        GOOG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205453964\/composite\" class=\"negative\">-9.60%<\/bg-quote><br \/>\n       fell nearly 10% in reaction to its results. <\/p>\n<p>This decline took the tech-heavy benchmark to a 10.7% loss since hitting a recent high in mid July. A double-digit retreat from a high is considered a market correction by technical analysts.<\/p>\n<p>And the new day is in line to bring additional losses as shares of Meta Platforms<br \/>\n        META,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205064656\/composite\" class=\"negative\">-4.17%<\/bg-quote><br \/>\n       shed nearly 4% in premarket action following its earnings presentation late Wednesday. Next up in big tech is Amazon.com<br \/>\n        AMZN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210331248\/composite\" class=\"negative\">-5.58%<\/bg-quote><span>,<\/span><br \/>\n       which will report after Thursday\u2019s close.<\/p>\n<p>\u201cThis morning risk-off has continued,\u201d said analysts at Saxo Bank. \u201cOne driver seems to be the market recalibrating technology valuations amid rising real yields and that cycle could go on for a while.\u201d<\/p>\n<p>Indeed, early Thursday the 10-year Treasury yield<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       rose again to within a few basis points of 5%, before falling back. The benchmark borrowing cost remains just shy of 16-year highs following signs the U.S. economy has so far shrugged off the Federal Reserve\u2019s campaign of interest rate rises. <\/p>\n<p>\u201cUnfortunately for stocks, robust economic data comes at an unruly price, with the strong housing market likely contributing to a higher rate environment,\u201d said Stephen Innes, managing partner at SPI Asset Management.<\/p>\n<p>To this end, traders will be keeping a close eye on U.S. economic updates set for release on Thursday. These include third-quarter GDP, weekly initial jobless claims, and the September readings for durable goods orders, the trade balance in goods and wholesale and retail inventories, all at 8:30 a.m. Eastern. Pending home sales for September will be published at 10 a.m..<\/p>\n<p>As Treasury yields rise, traders are moving into the U.S. dollar, pushing the buck decisively above 150 Japanese yen<br \/>\n        USDJPY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210561789\/realtime\/sampled\" class=\"positive\">+0.05%<\/bg-quote><span>,<\/span><br \/>\n       a 12-month high, and the dollar index<br \/>\n        DXY<br \/>\n       to an 11-month peak. A stronger dollar is often considered another headwind for U.S. corporations with significant foreign sales.<\/p>\n<p>Other companies reporting earnings on Thursday include UPS<br \/>\n        UPS,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/201245396\/composite\" class=\"negative\">-1.60%<\/bg-quote><span>,<\/span><br \/>\n       Northrop Grumman<br \/>\n        NOC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205518355\/composite\" class=\"positive\">+1.01%<\/bg-quote><br \/>\n       and Merck<br \/>\n        MRK,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209956077\/composite\" class=\"positive\">+0.58%<\/bg-quote><br \/>\n       before the opening bell rings on Wall Street, followed by Chipotle<br \/>\n        CMG,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200781108\/composite\" class=\"negative\">-0.71%<\/bg-quote><span>,<\/span><br \/>\n       Intel<br \/>\n        INTC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203649727\/composite\" class=\"negative\">-5.09%<\/bg-quote><br \/>\n       and Ford Motor<br \/>\n        F,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/208911460\/composite\" class=\"positive\">+1.32%<\/bg-quote><br \/>\n        after the close.<\/p>\n<p>The United Auto Workers separately said it reached an agreement to end the strike at Ford. <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/futures-point-to-nasdaq-sliding-further-into-correction-territory-as-meta-shares-retreat-d22ef556?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stock futures fell Thursday as shares in Meta pulled back following results and bond yields hovered near recent highs. How are stock-index futures trading S&amp;P 500 futures ES00, -0.79% dipped 28 points, or 0.6%, to 4181 Dow Jones Industrial Average futures YM00, -0.52% fell 109 points, or 0.3%, to 33041 Nasdaq 100 futures NQ00, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77007,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-77006","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Futures point to Nasdaq sliding further into correction territory as Meta shares retreat | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stock futures fell Thursday as shares in Meta pulled back following results and bond yields 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