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Market turmoil; Big Tech earnings; Automakers in trouble

1. Market turmoil: Stocks appear to have found firmer ground following rough trading sessio...

Posted: Oct 25, 2018 11:18 AM
Updated: Oct 25, 2018 11:18 AM

1. Market turmoil: Stocks appear to have found firmer ground following rough trading sessions in Asia and the United States.

US stock futures were pointing higher on Thursday, and major European indexes dropped less than 1%.

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Benchmark indexes in Asia did drop sharply, with the main market in Tokyo closing down 3.7%. Stocks dropped 1% in Hong Kong and 1.6% in Seoul.

The rout started in the United States on Wednesday.

The Dow fell more than 600 points, a 2.4% drop. The S&P 500 sank more than 3%. The Nasdaq slumped 4.4%, its worst day since August 2011.

"Investors have been worried about the potential negative impacts of higher interest rates, signs of weaker global growth and potential disruption from tariffs," said Mark Haefele, chief investment officer at UBS Global Wealth Management.

"Still, the nearly 10% decline in US stocks over the last month appears excessive relative to the risks that we highlighted."

2. Big Tech earnings: Twitter (TWTR), will publish its latest numbers before the opening bell on Thursday, while Alphabet (GOOG), Amazon (AMZN), Snap (SNAP), Expedia Group (EXPE) and Intel (INTC) will follow after the close.

It could be a painful day for Snap. The struggling messaging app is dealing with a revolving door of executives, and the stock is down a staggering 53% for the year. Analysts expect the company will report another decline in users when it releases its third quarter finances this week.

The tech earnings come amid major drops in the sector. Netflix (NFLX) nosedived 9% on Wednesday, while Facebook (FB) was down 6% and Amazon dropped 5%. Apple (AAPL) shed about 3%.

Tech stocks sank following disappointing results from Texas Instruments and AT&T (T), CNN's parent company. Concerns about increased regulations abroad in the wake of privacy scandals are also putting pressure on the sector.

3. Mercedes pain: Daimler (DDAIF), the maker of Mercedes Benz cars, has been hit by a major slowdown sales in Germany, where it faces new regulatory barriers.

The carmaker said that global sales dropped 1% compared to the same quarter last year, while net profit plunged 21%.

"The automotive industry and thus also Daimler are still in a very challenging environment. The continued high demand from our customers makes us confident for the fourth quarter," CEO Dieter Zetsche said in a statement.

Daimler shares were up 1% on Thursday.

Separately, Daimler has announced a new joint venture with China's Geely to launch an upscale ride-hailing service in China next year.

South Korea's Hyundai Motors (HYMTF) said Thursday that its net profit plunged 68% in the third quarter. Shares in the company dropped 6%.

4. Earnings and economics: The following companies will report earnings before the open: Alaska Air (ALK), American Airlines (AAL), Anheuser-Busch InBev (BUD), Bristol-Myers (BMY), Brunswick (BC), Comcast (CMCSA), ConocoPhillips (COP), Dunkin (DNKN), GrubHub (GRUB), Hershey Foods (HSY), Merck (MRK), Nielsen (NLSN), Raytheon (RTN), Royal Caribbean (RCL), Sherwin-Williams (SHW), Southwest Air (LUV), Stanley Black & Decker (SWK), T. Rowe Price (TROW), Twitter (TWTR), Union Pacific (UNP) and World Wrestling (WWE).

Chipotle Mexican Grill (CMG) and Mattel (MAT) will follow after the close.

The European Central Bank is scheduled to announce a policy decision at 7:45 a.m. ET. The bank is expected to keep benchmark rates on hold, but investors will be watching for any change in language from bank president Mario Draghi.

5. Coming this week:
Thursday — Alphabet (GOOGL), Amazon (AMZN), Altria (MO), Ally Financial (ALLY), American Airlines (AAL), Alaska Air Group (ALK), Southwest (LUV), AK Steel (AKS), Dunkin' Brands (DNKN), Boyd Gaming (BYD), Stanley Black & Decker (SWK), Sherwin-Williams (SHW), Merck & Co. (MRK), Hershey (HSY), GrubHub (GRUB), Snap Inc. (SNAP) earnings
Friday — Colgate-Palmovie (C) and Charter Communications (CHTR) earnings

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 486434

Reported Deaths: 6575
CountyCasesDeaths
Hennepin1009131586
Ramsey43165803
Dakota36375392
Anoka33335388
Washington22121258
Stearns18752201
St. Louis14822263
Scott13308107
Wright12538116
Olmsted1181788
Sherburne874172
Carver775640
Clay692387
Rice670791
Blue Earth596635
Kandiyohi579674
Crow Wing521282
Chisago499545
Otter Tail483270
Benton447790
Winona418549
Mower405731
Douglas393368
Nobles387247
Goodhue386269
Polk343763
McLeod340049
Beltrami338651
Morrison324747
Itasca313646
Lyon313644
Becker312542
Isanti306756
Steele301511
Carlton300149
Freeborn282623
Pine282016
Nicollet259241
Todd248330
Brown245537
Le Sueur235720
Mille Lacs227947
Cass220424
Waseca209317
Meeker207434
Martin189928
Wabasha18673
Roseau180317
Hubbard160740
Houston157414
Dodge15294
Renville150340
Redwood147027
Fillmore13768
Chippewa136735
Pennington136316
Cottonwood135020
Wadena131020
Faribault123417
Aitkin119033
Watonwan11758
Sibley117310
Rock115914
Kanabec107519
Pipestone101624
Yellow Medicine97617
Murray9488
Jackson93610
Swift87918
Pope8075
Marshall78015
Lake74218
Stevens7418
Clearwater71914
Lac qui Parle68516
Wilkin67411
Koochiching61911
Big Stone5163
Lincoln5092
Grant4918
Norman4788
Unassigned44568
Mahnomen4417
Kittson40921
Red Lake3625
Traverse3075
Lake of the Woods2191
Cook1180

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 335218

Reported Deaths: 5443
CountyCasesDeaths
Polk51785551
Linn19463313
Scott17080210
Black Hawk14924292
Woodbury13778212
Johnson1312174
Dubuque12416194
Dallas1019092
Pottawattamie9828143
Story959345
Warren511674
Clinton500784
Cerro Gordo498882
Webster494487
Sioux479169
Marshall463072
Des Moines427161
Muscatine424191
Buena Vista412237
Wapello4025108
Jasper386266
Plymouth367478
Lee354252
Marion339869
Jones284654
Henry279637
Bremer268754
Carroll266349
Crawford252235
Boone242830
Benton240354
Washington239047
Mahaska215246
Jackson209738
Dickinson202440
Tama202365
Kossuth198055
Delaware185540
Clay183825
Winneshiek182827
Fayette178635
Page177819
Buchanan176929
Wright173831
Hamilton173742
Cedar171523
Hardin169439
Harrison167169
Clayton159854
Butler158831
Mills147920
Floyd147741
Poweshiek147730
Lyon145541
Cherokee145336
Allamakee142347
Madison141918
Iowa139423
Hancock137630
Grundy132030
Winnebago130231
Calhoun129311
Cass128751
Jefferson128334
Appanoose123147
Louisa122341
Mitchell120440
Chickasaw119615
Union118731
Sac118318
Shelby116433
Emmet115040
Humboldt113525
Franklin109019
Guthrie108928
Palo Alto100921
Howard99021
Montgomery96736
Clarke94720
Keokuk92029
Monroe89428
Adair81028
Ida81032
Pocahontas80919
Davis76323
Monona76327
Greene72910
Lucas71421
Osceola68215
Worth6667
Taylor64112
Decatur5699
Fremont5599
Van Buren53718
Ringgold50520
Audubon4739
Wayne45821
Adams3184
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