Business News

Tech Shares Under Pressure

The Wall Street roller coaster is selling tickets again today as U.S. stock index futures post steep declines after a selloff in Asia and Europe. It follows a strong session for the three major U.S. indices, though global stocks are still on track to record their worst weekly losing streak in five years. The latest snapshot of the American economy has just been released, annualized 3rd Quarter growth came in at 3.5%, beating expectations. That puts GDP on track for its best yearly performance since 2005, but marks a falloff from the white-hot 4.2% growth rate recorded in Q2. (SA)


FAANG stocks and other tech shares are under pressure this morning following disappointing quarterly reports from Amazon and Alphabet.  While revenue growth soared at its cloud unit, Amazon's revenue and Q4 holiday season outlook fell short of expectations. Google also beat on earnings, but sales came up short, while CEO Sundar Pichai confirmed 48 employees were terminated over the past two years for sexual misconduct. (SA)


China's currency weakened to its lowest level in a decade on Friday, against a backdrop of mounting geopolitical tension and uncertainty over the country's trade impasse with the US.  Pressure from ongoing trade tension with the US is weighing on the renminbi, as any reduction in demand for Chinese goods would shrink appetite for the currency. (FT)


S&P 500 futures are down 31, and NASDAQ futures are down 147. The MSCI international index is down 1/3 of a %.  

Oil is down $.81 at $66.52 a barrel.

Gold is up $4 at $1236 a Troy ounce.


With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.

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