Following a string of underwhelming quarterly reports, U.S. stocks were down Friday morning, and Wall Street is headed for a weeklong loss.
While Nasdaq-100 futures fell 0.5%, S&P 500 futures did not.
slid 0.8%. The Dow Jones Industrial Average futures also decreased by 116 points, or 0.3%.
All significant averages are expected to end the week in the negative. The S&P 500 is on track to end its two-week winning streak this week and have its lowest weekly performance since December, down 1.3%. Expected losses for the Dow and Nasdaq Composite are 0.7% and 1.8%, respectively.
Stephanie Lang, chief investment officer at Homrich Berg, said, “This week has been more of a rebound — a more normalcy, in our eyes — that it’s not necessarily baked in, that a gentle landing is in the cards.”
Following a dismal fiscal fourth-quarter report, the ride-hailing platform Lyft plunged more than 30% in premarket trade. Expedia
likewise suffered a 2% decline in share price as a result of earnings and revenue that were below analysts’ projections.
These are the most recent reports in a quarter that was viewed as underwhelming by Wall Street. About 70% of the S&P 500 businesses that filed reports exceeded analysts’ forecasts for the quarter. According to The Earnings Scout, that is a lower percentage of companies beating forecasts than the three-year historical average of 79%.
Investors will be looking to Philadelphia Fed President Patrick Harker and Fed Governor Christopher Waller for more information on the central bank’s policies. They both had scheduled Friday afternoon speeches.
The University of Michigan will provide its early measurement of consumer sentiment for February in terms of economic data.
Source (CNBC)
