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.

Write to Ben Levisohn at

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Referenced Symbols: NVDA

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