[ad_1]
Sarge986 President Stephen Guilfoyle and Scott Bauer of the Prosper Trading Academy share their perspective on the state of the markets.
US equity futures were under modest selling pressure on Friday as concerns continued to swirl over the fate of Chinese real estate developer Evergrande.
Evergrande missed a deadline Thursday to make an interest payment of $ 83.5 million. The company now has a 30-day grace period that ends in default if payment is not made.
Futures contracts on the Dow Jones Industrial Average fell 91 points, or 0.26%, while S&P 500 and Nasdaq 100 futures fell 0.35% and 0.49% respectively.
Thursday’s major averages closed a second day of big gains after the Federal Reserve outlined its plans to potentially start cutting asset purchases later this year and start raising interest rates next year.
In inventory, Nike Inc. cut its revenue forecast for the year as the sneaker giant grappled with supply chain disruptions and labor shortages. Quarterly profits exceeded estimates while sales were a little short.
Costco Wholesale Corp. said it would limit purchases of essential household items, including toilet paper, paper towels and bottled water, amid rising COVID-19 cases. The members-only retailer reported revenues and revenues above Wall Street estimates.
Elsewhere, IAC / Interactive Corp. is in advanced talks to acquire media conglomerate Meredith Corp. in a deal valued at more than $ 2.5 billion, according to a Wall Street Journal report.
Coinbase Global Inc. and other crypto-related names were under pressure as bitcoin fell about 5% to below $ 42,000 a coin after China declared all crypto transactions illegal.
In commodities, West Texas Intermediate crude oil rose 1 cent to $ 73.31 per barrel and gold rose $ 6.60 to $ 1,756.40 per ounce.
Overseas markets were mostly down as Evergrande’s missed payment scared investors.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
European stock markets were generally weaker, with the French CAC 40 falling 0.92%, the German DAX 30 0.71% and the UK FTSE 100 declining 0.18%.
In Asia, the Hang Seng Index of Hong Kong lost 1.3% and the Shanghai Composite Index of China fell 0.8%. Japan’s Nikkei outperformed, advancing 2.06%.
[ad_2]
Source link