The major US stock indices are except open lower with the NASDAQ index under the most pressure.
In premarket trading, the futures are implying:
- Dow industrial average -350 points. The index rose 300.03 points yesterday
- S&P index -76 points. The index rose 32 points yesterday
- NASDAQ index -330 point. The index rose 95.18 points yesterday
Late yesterday after the close Supermicro Computers surprised the market by pre-announcing revenue and EPS numbers much lower than expectations.. Shares are trading down -19.75% in premarket trading. Nvidia shares are also sharply lower down -4.0%
- Starbucks earnings disappointed and its shares are currently down -9.88%.
- Snap shares are down -15.18% after it announced earnings
Not surprising, Pres. Trump is blaming Biden for the stock market and for the lower GDP. He is proud that tariffs will start to kick in (Yippee!). He says. “This will take a while, has NOTHING TO DO WITH TARIFFS, only that he (Biden) left us with bad numbers, but when the boom begins, it will be like no other. BE PATIENT!!!”.
Later this morning, Peter Navarro will be let out of the penalty box as he is scheduled to speak on CNBC. He has not spoken publicly in a couple weeks.
After the close Microsoft (-0.90% in premarket trading) and Meta (-2.84%) will announce their earnings.
In the meantime there is a lot of time between now and then. Buckle up.
Earnings after the close
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