American futures go down on recession worries
On Friday, American futures headed south due to the fact that profit forecast cuts from a number of businesses as well as poor retail sales over the holidays threatened to reverse Wall Street's five-day leap as traders fear a probable recession.
As a matter of fact, the S&P 500 futures went down by 0.11%. Meanwhile, Dow futures tumbled by 0.04%. As for Nasdaq 100 futures, they slipped by 0.20%.
The equities had soared earlier this week on signs that the major US bank could suspend its stance on policy tightening as well as optimistic trade talks from China and America.
However, dismal holiday sales from Macy’s along with cuts in profit forecasts from American Airlines and Apple, among others, could erase earlier profits.
Besides this, the US government shutdown has managed to become the longest in history. As a result, up to 800,000 federal staff members will miss their first paycheck of 2019. American leader is currently at a standstill with Democrats over the government shutdown because Trump insists that the budget should include funding to erect a wall on the U.S.-Mexico border.
Anheuser Busch Inbev turned out to be among the top performers in premarket trading, soaring by 5.4%. As for Netflix, it tacked on by 2.4%. Besides this, Procter & Gamble Company headed north by 0.4%. Moreover, Apple Inc rallied by 0.4% after it told that it came up with up to three new iPhone models in 2019.
Pacific Gas & Electric went down by 6.9%, Frontline dived by 4.6%, while Facebook headed south by 0.5%. Activision Blizzard Inc tumbled by 7.3% after it uncovered it chose Bungie to transfer its publishing rights for its Destiny.
Meanwhile, gold futures went up by 0.4% being worth $1,292.35 a troy ounce. Crude futures surged by 0.5% trading at $52.89 a barrel.
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Market updates on June 18
Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.
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