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Tech rout; Brexit pressure; Volkswagen announcement

1. Tech troubles: It's shaping up to be a rough day for tech stocks.Shares in Nvidia...

Posted: Nov 16, 2018 11:11 AM
Updated: Nov 16, 2018 11:11 AM

1. Tech troubles: It's shaping up to be a rough day for tech stocks.

Shares in Nvidia plunged nearly 17% in extended trading after the company's third quarter results came in significantly lower than expected. Shares in rival chipmaker AMD (AMD) slumped 5% after hours.

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The pain extended to Asia, where shares in gaming company Nintendo (NTDOY) dropped more than 9% on Friday and SoftBank (SFTBF) stock dropped over 3%.

Some of the unease can be attributed to a sharp decline in the price of bitcoin. Nvidia (NVDA) specializes in making hardware for video game consoles and digital currency mining.

2. Brexit chaos: Investors are closely monitoring political developments in the United Kingdom, where Prime Minister Theresa May is fighting to keep her Brexit deal alive.

The pound was flat Friday after falling as much as 2% against the dollar during the previous trading session. UK bank stocks including Lloyds (LYG), Barclays (BCS) and Royal Bank of Scotland (RBS) were hit for a second consecutive day.

Investors are worried that Britain could crash out of the European Union without a deal on Brexit. That would trigger new trade barriers and likely plunge the United Kingdom into recession.

"If the deal as proposed fails to pass parliament, the chances of a no-deal Brexit increase," said Kit Juckes, a strategist at Societe Generale.

3. Global market overview: US stock futures were pointing lower.

European markets opened higher, while stocks in Asia were mixed. Markets in Hong Kong and Korea gained, while Japan's Nikkei moved lower because of the tech rout.

The Dow closed 0.8% higher on Thursday, snapping a four-day losing streak. The S&P 500 added 1% and the Nasdaq gained 1.7%.

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4. Companies and economics: Viacom (VIAB) is set to release its latest earnings before the opening bell.

US industrial production data will be published at 9:15 a.m. ET.

Volkswagen (VLFAK) is set to unveil its electric vehicle investment strategy at a press conference at 6:30 a.m. ET.

The world's biggest carmaker previewed the strategy earlier this week, announcing that two of its factories in Germany will become electric vehicle plants by 2022.

Shares in California electric utility PG&E (PCG) were volatile in premarket trading. The stock plunged to its lowest level in more than 15 years on Thursday over concerns about potential liabilities tied to the Camp Fire.

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5. Coming this week:

Friday — Viacom earnings; Industrial production data; VW announcement

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