U.S. Equity Futures Drop on Earnings; Dollar Rises: Markets Wrap - Yahoo Finance

U.S. Equity Futures Drop on Earnings; Dollar Rises: Markets Wrap

(Bloomberg) -- U.S. equity futures sank as investors began May pondering dreary corporate news and the persistent economic turmoil caused by the coronavirus. The dollar rose with Treasuries as a risk-off mood prevailed on what is a holiday in many major markets.

Contracts on the Nasdaq 100 index led the declines, with futures on the S&P 500 and Dow Jones Industrial Average also falling in the wake of sobering comments from Amazon.com Inc. and Apple Inc. about the pandemic’s impact. Shares of both slipped in the pre-market. Treasuries climbed while gold fell, heading for its worst week since mid-March. The dollar was on track for its first increase since last week versus major peers.

Equities dropped in the U.K., one of the few open markets in Europe, and the pound gave back some of this week’s gains as Prime Minister Boris Johnson pledged a “comprehensive plan” to lift the country’s lockdown, with details due next week. Stocks slumped in Tokyo and Sydney. Most Asian markets didn’t trade.

While a gauge of world equities posted its best month since 2011 in April -- spurred by a slowdown in coronavirus infections and $8 trillion promised in stimulus initiatives -- earnings reports and economic data are serving a reminder of lasting pain. Amazon warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade. Data Friday showed South Korea’s exports plunged the most since the 2009, while a gauge of Japanese manufacturing did the same.

The advance in Treasuries and the dollar followed U.S. President Donald Trump reviving an attack on China, speculating it could have spread the coronavirus and threatening trade tariffs. Trump is exploring blocking a government retirement fund from investing in Chinese equities considered a national security risk, a person familiar with the internal deliberations said.

Elsewhere, West Texas oil headed for its first weekly gain in about a month as global production cuts began to take effect.

These are the main moves in markets:

Stocks

Futures on the S&P 500 Index declined 2% as of 7:17 a.m. New York time.Nasdaq 100 Index futures declined 2.5%.The U.K.’s FTSE 100 Index fell 1.9%.

Currencies

The Bloomberg Dollar Spot Index gained 0.3%.The euro gained 0.2% to $1.0982.The British pound fell 0.4% to $1.2545.The Japanese yen strengthened 0.4% to 106.79 per dollar.

Bonds

The yield on 10-year Treasuries dipped three basis points to 0.61%.The yield on two-year Treasuries declined one basis point to 0.19%.Britain’s 10-year yield gained two basis points to 0.249%.New Zealand’s 10-year yield decreased 13 basis points to 0.767%.

Commodities

West Texas Intermediate crude fell 0.2% to $18.80 a barrel.Brent crude decreased 0.7% to $26.29 a barrel.Gold weakened 0.2% to $1,683.24 an ounce.

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