Investing.com -- U.S. stock index futures fell abruptly Friday, continuing recent weakness following weak earnings from tech giants as well as concerns over slowing economic growth.
At 06:30 ET (10:30 GMT), Dow Jones Futures fell 380 points, or 0.9%, S&P 500 Futures dropped 59 points, or 1.1% and Nasdaq 100 Futures slumped 295 points, or 1.6%.
The Wall Street indices closed sharply lower Thursday after a softer-than-expected ISM report on U.S. manufacturing caused investors to fret about a possible recession.
The S&P 500 dropped 1.4%, the NASDAQ Composite fell 2.3% and the Dow Jones Industrial Average slumped almost 500 points, or 1.2%.
Intel, Amazon disappoint; Apple earnings beat estimates
Sentiment was also hit by poorly received earnings from tech giants Amazon (NASDAQ:AMZN) and Intel (NASDAQ:INTC), which overshadowed positive numbers from iPhone manufacturer Apple (NASDAQ:AAPL).
Chipmaker Intel stock slumped over 20% premarket as its June quarter earnings missed estimates. The company also suspended its dividend and said it will cut 15% of its jobs as part of a turnaround plan.
Amazon stock fell more than 8% after the e-commerce giant provided a softer-than-expected outlook on revenue, and warned that online sales were slowing as consumers grew more cautious over purchases.
Apple stock traded largely unchanged after the company reported stronger-than-expected revenue and profit in the June quarter.
This came on the back of slightly better than expected sales of its flagship iPhone, although device sales did fall from last year amid growing competition in top market China.
Payrolls data due
A round of economic data has spurred fears of a faster-than-expected economic slowdown amid fears the U.S. Federal Reserve has maintained its restrictive monetary policy for too long.
The focus now turns to the July official jobs report, with investors looking for further signs that the U.S. labor market is easing.
Economists are expecting the U.S. economy to have created 177,000 jobs in July, moderating from 206,000 in the prior month.
The unemployment rate, which has ticked higher in each of the past three months, is expected to hold steady at 4.1%.
Crude on track for more weekly losses
Crude prices rose Friday, but were on course for a fourth straight week of losses given mounting concerns over slowing economic growth.
By 06:30 ET, the U.S. crude futures (WTI) climbed 0.3% to $76.50 a barrel, while the Brent contract rose 0.3% to $79.72 a barrel.
Both benchmarks have declined around 8% over the last four weeks as disappointing economic data from top oil importer China and surveys showing weaker manufacturing activity across Asia, Europe and the United States raised concerns of weak global economic growth, weighing on oil consumption.
The weak economic prints saw markets largely look past heightened tensions in the Middle East after the killing of a Hamas leader in Iran earlier in the week.
The Organization of Petroleum Exporting Countries and allies, known as OPEC+, made no changes to its production policies after an online meeting on Thursday, reiterating that it could pause plans to increase output from October.
(Ambar Warrick contributed to this item.)
This content was originally published on Investing.com
