Nvidia reported lower-than-expected revenue and guidance
Despite snapping its losing streak yesterday, futures on the Dow Jones Industrial Average (DJI) are set to stumble into the weekend, down more than 150 points. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are lower as well, with the latter under particular pressure from the sinking semiconductor sector, after chipmaker Nvidia (NVDA) reported weaker-than-expected revenue and guidance. All three indexes are heading toward weekly losses. Elsewhere, investors continue to nervously eye the Brexit situation in Britain, after Prime Minister Theresa May pledged her commitment to seeing her country through the divorce with the European Union (EU).
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This gold stock just flashed a big "buy" signal.Apple tailwinds sent this chip stock to the top of the S&P 500 yesterday.Options traders piled on Switch stock after a rare upgrade.Plus, Sonos cheers slim earnings loss; AMAT buried by weak guidance; and Oppenheimer downgrades KORS.
Industrial production data, Treasury International Capital (TIC) data, and the Baker-Hughes rig count are due today. Chicago Fed President Charles Evans will speak in the morning. Viacom (VIAB) will be the last notable earnings report of the week.
It was a mostly higher finish in Asia following a wild trading session on Wall Street. China's Shanghai Composite outpaced its peers, adding 0.4%, while Hong Kong's Hang Seng gained 0.3% and South Korea's Kospi tacked on 0.2%. Japan's Nikkei, on the other hand, gave back 0.6% amid pressure from sinking chip stocks.
European stocks are in the red at midday as Brexit uncertainty weighs on the banking sector. Media stocks are outperforming, though, on a positive earnings reaction for French entertainment giant Vivendi. At last check, London's FTSE 100, the French CAC 40, and the German DAX are all flirting with 0.7% losses.