Apple and Amazon to report, Adidas narrows loss forecast - what's moving markets
Investing.com — U.S. stock futures slip, suggesting an extension in declines on Wall Street seen in the prior session, as traders continued to gauge the implications of Fitch's downgrade of America's credit rating earlier this week. Elsewhere, investors gear up for the release of quarterly results from tech giants Apple and Amazon, while Adidas sees a smaller 2023 loss thanks to strong sales of its leftover stock of Yeezy shoes.
1. Futures edge lower after sell-off
U.S. stock futures pointed into the red Thursday, a day after a U.S. credit rating downgrade by ratings agency Fitch sparked a sell-off on Wall Street.
At 05:18 ET (09:18 GMT), the Dow futures contract lost 85 points or 0.24%, S&P 500 futures shed 12 points or 0.28%, and Nasdaq futures dipped by 55 points or 0.36%.
The benchmark S&P 500 posted its biggest drop since April in the prior session, while the tech-heavy Nasdaq Composite slumped to its worst day since February.
Fitch lowered the U.S.'s long-term foreign currency issuer default rating to AA+ from the top-most level of AAA on Tuesday, citing worries around the country's fiscal position and governance standards. The announcements cooled a series of recent gains for stocks.
Attention will likely now turn back to this week's flurry of corporate earnings, with tech giants Amazon and Apple set to report their latest quarterly results after the closing bell.
On the economic calendar, investors will have a chance to parse through weekly jobless claims data, which will serve as a prelude to the release of the all-important U.S. jobs report for July on Friday.
2. Qualcomm's sales forecast disappoints
Qualcomm (NASDAQ:QCOM) has unveiled sales guidance for its fiscal fourth quarter that missed expectations and
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