Dow Futures Fall Friday Morning and the Problem Is Local
6:42 a.m. It was too good to last, as the Dow Jones Industrial Average looks to start Friday lower after Thursday’s nearly 200 point gain.
S&P 500 futures have fallen 0.6%, while Dow Jones Industrial Average futures have declined 115 points, or 0.5%. Nasdaq Composite futures have dropped 1.3%.
It isn’t exactly clear what has the market trading off this morning. North Korea launched a missile, but Asian markets finished mostly higher, so it is hard to blame that. Brexit is still a mess, with U.K. Prime Minister Teresa May likely facing a no-confidence vote, but the FTSE was trading just a touch higher Friday, while other European markets weren’t doing much at all. Even oil was trading higher. We could point to Nvidia’s (NVDA), which has dropped more than 17% after offering downbeat guidance, and one look at the Nasdaq tells you tech is a problem Friday morning.
But we think it is simply a reaction to investors getting too excited about the possibility of a truce in the trade war between the U.S. and China. Maybe reports are true, but until a deal is signed, we’ll take them with a grain of salt.
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