U.S. stocks slump under weight of renewed yield surge
BNN Bloomberg
Stocks slid along with U.S. equity futures as disappointing results from tech giants soured sentiment and marred a tentative recovery in equities.
Contracts on the tech-heavy Nasdaq 100 slumped more than one per cent on Amazon.com Inc.'s plunge after hours as its sales forecast trailed estimates. S&P 500 futures and the Stoxx Europe 600 were as much as 0.7 per cent lower after trimming a loss of about 1 per cent each.
“We are starting to see some companies' bleeding in terms of forecasts and unfortunately we're starting to see the big caps in the market disappointing,” Banque Syz CIO Charles-Henry Monchau said in an interview with Bloomberg TV. “Earnings for us is still a headwind.”
Despite the downturn, the S&P 500 is heading for a second week of gains for the first time since August.
