U.S. stock futures fell on Thursday after Morgan Stanley’s latest quarterly results disappointed investors. Wall Street also grappled with uncertainty around the Chinese economy.
At 7:25 a.m. ET, Dow Jones Industrial Average futures were down 107 points, indicating a decline of 132.16 points at the open. S&P 500 and Nasdaq 100 futures also pointed to losses at the open.
Futures fell to near their lows of the session after Morgan Stanley reported earnings and revenue that fell short of Wall Street estimates. Morgan Stanley shares dropped more than 4 percent in premarket trading.
Morgan Stanley’s report comes a day after blockbuster earnings from Goldman Sachs and Bank of America. Goldman rose more than 9 percent on Wednesday, its biggest one-day gain in 10 years, while Bank of America climbed more than 7 percent.
— RECOMMENDED —
Learn How to Make
BIG Wins From BIG Losers
Citigroup, J.P. Morgan Chase, and Wells Fargo also reported quarterly earnings this week. American Express and Netflix are scheduled to report after the close Thursday. Netflix’s earnings will arrive after the streaming giant announced it would raise monthly subscription prices by 13 to 18 percent, a move that was cheered by Wall Street earlier this week.
Thursday’s moves come after the major indexes posted solid gains in the previous session, lifted by the sharp gains in Goldman and Bank of America.
Concerns over China appeared to weigh on sentiment Thursday. China’s central bank made its biggest ever daily net cash injection via reverse repo operations, pumping $82.73 billion into the banking system. The news came after comments from the Chinese state planner and Premier Li Keqiang suggested the country would inject more stimulus amid concerns of a slowdown in economic growth.
Recent data has shown signs of weakness in China’s economy, a sensitive issue as Beijing tries to resolve its trade dispute with the Trump administration over the course of a 90-day tariffs truce. The two countries have targeted each other’s economies with new duties on billions of dollars’ worth of imports.
On the data front, weekly jobless claims and Philadelphia Fed manufacturing figures are due at 8:30 a.m. ET.
— RECOMMENDED —
For the first time ever, Dr. Richard Smith, the founder and CEO of TradeStops, is hosting a “Bull vs. Bear Stock Summit” on February 13th, where he will reveal:
How to Know the Exact Day to Sell Any Stock You Own
What To Do With Your Stocks in 2019
CLICK HERE TO CLAIM YOUR SPOT – IT’S FREE!
Source: cnbc.com | Original Link