- Stocks fell, with Nasdaq index futures down roughly 1%, as investors punished companies that reported lower-than-expected earnings.
- Meta fell as much as 4% in pre-market trading in the United States after stating that it is subject to the whims of an uncertain economic environment. Alphabet fell 1.8%, extending a selloff that began on Wednesday due to disappointing cloud data. Amazon, which reports after the bell, fell 1.2%.
- The bearish mood spread to other markets, with European and Asian equities suffering significant losses. The dollar strengthened, gold gained 0.6%, and Treasury yields approached 5%.
- The yen fell below 150 per dollar once more, fueling speculation about government intervention in the currency market.
- BofA: The BoJ may raise its yield curve ceiling to 1.5% next week.
CDS Panel rules Country Garden missed payment is a credit event.
- Earnings missteps at the biggest US tech companies, which have already lost $200 billion in market value, are causing turbulence in equity markets as investors reconsider sky-high valuations against a backdrop of rising Treasury yields. While the Nasdaq 100 has appeared immune to pessimism, with the index still up 31% this year, there is growing concern about the index's vulnerability in a broader stock market selloff.