Futures lower ahead of more earnings

25 years after the infamous Black Monday crash, markets still prove to be volatile at a moment's notice.

By Benzinga Oct 19, 2012 7:42AM

U.S. equity futures fell in early Friday trading as investors marked the 25th anniversary of Black Monday, when the Dow Jones Industrial Average lost 23% in one day.


Also, European leaders continued their summit in Brussels and seem close to disbursing the next bailout tranche to Greece as well as making headway on the details of a banking union, despite the legal uncertainty surrounding it.

 

Top news

  • Chinese foreign direct investment, a measure of foreign confidence in the Chinese economy, fell 6.8% as compared to a year ago. Economists were expecting a decline of 3.5% following the previous 1.4% drop.
  • Moody's kept the German banking sector on negative watch, meaning it could downgrade German banks if leaders do not act quickly enough to support the eurozone.
  • Google (GOOG) shares fell more than 9% in midday trading Thursday as the company's auditor released its earnings results early. The search giant's earnings and revenue for the quarter missed analyst expectations.
  • S&P 500 futures fell 1.7 points to 1,449.80.
  • The EUR/USD was lower at 1.3054.
  • Spanish 10-year government bond yields fell to 5.317%.
  • Italian 10-year government bond yields fell to 4.741%.
  • Gold 0.6% to $1,734.30 per ounce.

See more of Benzinga's market news here.

 

comstockCommodities

Commodities were mixed early Friday as metal futures slumped. WTI crude futures fell 0.04% to $92.06 per barrel and Brent crude futures rose 0.38% to $112.85 per barrel. Copper futures slipped 1% to $370.55 on the weak Chinese investment data. Gold was lower and silver futures fell 1.41% to $32.405 per ounce.

 

Currencies

Currency markets showed broad euro weakness in overnight trading, reversing the trend of the previous four trading sessions. The EUR/USD was lower and the dollar rose against the yen to 79.27. Overall, the Dollar Index rose 0.08% on strength against the euro and the yen, the two biggest components of the index. The dollar was weaker against the pound, the Canadian dollar, and the Swiss franc. The Aussie dollar was rather weak, highlighting the broad risk-off tone of markets, however it was stronger against the euro.

 

Premarket movers

  • Chesapeake Energy (CHK) rose 1.85% in premarket trading as natural gas prices rallied and reports indicated there might be a shortage of natural gas rigs.
  • Google (GOOG) shares rose 1.33% in premarket action after dropping Thursday on weak earnings.
  • Microsoft (MSFT) shares  fell 1.78% in the premarket trading after the company reported weaker than expected earnings. (Microsoft owns and publishes Top Stocks, an MSN Money site.)
  • Caterpillar (CAT) fell 0.61% pre-market as Barclays (BCS) cuts its price target on the stock to $114 from $116.

 

Earnings

  • Air Products and Chemicals (APD) is expected to report fourth quarter earnings per share of $1.43 vs. $1.51 a year ago.
  • Edwards Lifesciences (EW) is expected to report third quarter earnings per share of $0.57 vs. $0.38 a year ago.
  • General Electric (GE) is expected to report third quarter earnings per share of $0.36 vs. $0.31 a year ago.
  • Honeywell (HON) is expected to report third quarter earnings per share of $1.14 vs. $1.10 a year ago.
  • McDonald's (MCD) is expected to report third quarter earnings per share of $1.48 vs. $1.45 a year ago.
  • Schlumberger (SLB) is expected to report third quarter earnings per share of $1.07 vs. $0.98 a year ago.

Economics

On the economic calendar Friday, existing home sales are the only relevant data to be released in the U.S. Canadian CPI is also due out, and it can affect U.S. markets if the number is significantly different than expectations.

 

More from Benzinga:

 

Sign up for a free two week trial of Benzinga Pro here.

0Comments

DATA PROVIDERS

Copyright © 2014 Microsoft. All rights reserved.

Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.

STOCK SCOUTER

StockScouter rates stocks from 1 to 10, with 10 being the best, using a system of advanced mathematics to determine a stock's expected risk and return. Ratings are displayed on a bell curve, meaning there will be fewer ratings of 1 and 10 and far more of 4 through 7.

126
126 rated 1
286
286 rated 2
474
474 rated 3
680
680 rated 4
626
626 rated 5
609
609 rated 6
620
620 rated 7
462
462 rated 8
304
304 rated 9
132
132 rated 10
12345678910

Top Picks

SYMBOLNAMERATING
AAPLAPPLE Inc10
BIDUBAIDU Inc10
BXTHE BLACKSTONE GROUP L.P10
CELGCELGENE CORP10
FOXATWENTY-FIRST CENTURY FOX Inc CLASS A10
More

VIDEO ON MSN MONEY

ABOUT

Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.

Contributors include professional investors and journalists affiliated with MSN Money.

Follow us on Twitter @topstocksmsn.