All three major benchmarks are lower before the open
The tech selloff is extending into Friday, with futures on the Dow Jones Industrial Average (DJI) and Nasdaq-100 Index (NDX) both down triple digits before the bell, while S&P 500 Index (SPX) futures sit firmly lower as well. Valuation concerns are still at the center of the tech rotation, and unease over the Federal Reserve's upcoming interest rate decision isn't helping sentiment. Elsewhere, Bitcoin (BTC) is continuing lower, now at its lowest levels since early May.
5 Things You Need to Know Today
- The Cboe Options Exchange saw over 3.4 million call contracts and more than 2.2 million put contracts exchanged on Thursday. The single-session equity put/call ratio came in at 0.65, while the 21-day moving average remained at 0.58.
- Warner Bros Discovery Inc (NASDAQ:WBD) is up 2.8% premarket, after news that Paramount Skydance (PSKY), Comcast (CMCSA), and Netflix (NFLX) are all readying bids to acquire the entertainment name. Looking to push back up toward its three-year highs from earlier in the week, WBD is up 109.5% year to date.
- Walmart Inc (NYSE:WMT) is down 2.2% before the bell, after reports that CEO Doug McMillon is retiring next year. John Furner, currently CEO of Walmart U.S., will succeed him on Feb. 1. Coming into today, the blue-chip retail giant is sporting a 13.5% year-to-date lead.
- Wall Street newbie StubHub Holdings Inc (NYSE:STUB) is plummeting 23.8% in electronic trading, brushing off upbeat third-quarter revenue after the CEO said the company isn't giving guidance for the current quarter. Since the start of the quarter, STUB is up 11.8%.
- Retail and Nvidia (NVDA) earnings are on tap next week.
Tech Stocks Dropping Globally
Asian markets are also feeling the pressure from the tech correction. SoftBank sent the Nikkei in Japan 1.8% lower on the day, while Samsung and SK Hynix dragged the South Korean Kospi down 3.8%. Hong Kong’s Hang Seng lost 1.9%, while China’s Shanghai shed 1%, after retail sales and industrial output slowed in October.
Over in Europe, stocks are selling off, with tech giants Infineon, SAP, and BE Semiconductor all deep in the red. London’s FTSE 100 is down 1.9% amid a gilt spike, while the French CAC 40 and the German DAX are 1.6% and 1.8% lower at last check, respectively.