- US index futures declined as pre-market trading saw mega-cap technology equities fall, ruining a three-day wall street bounce and casting new doubt on whether this year's $5.5 trillion selloff is close to bottoming out.
- After poor quarterly results from Microsoft Corp., Google Parent Alphabet, and Texas Instruments, contracts on the Nasdaq 100 plummeted more than 1.5%. S&P 500 futures were down nearly 0.8%. The 10-year yield on Treasuries increased its gains, dropping to about 4.07%, while a measure of the dollar fell for a second day to its lowest level in three weeks.
- The federal reserve is rumored to be slowing the pace of rate rises amid signs that its relentless tightening is beginning to weigh on the economy, which has boosted stocks in recent days. Earnings have been mainly strong, though. More than two-thirds of S&P 500 businesses that have released their third-quarter results have surpassed analyst expectations despite the big-tech setback. However, there is growing concern that sluggish production may hurt business profitability in the coming months.
