S&P, Dow futures flat;
Facebook weighs on Nasdaq
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[November 03, 2016]
By Tanya Agrawal
S&P 500 and the Dow futures were little changed on Thursday as investors
stayed away from riskier assets, while Nasdaq futures were dragged down
by a fall in Facebook's shares.
Facebook <FB.O> fell 6 percent to $119.50 in premarket trading, a day
after the social media giant warned that revenue growth would slow this
The S&P 500 ended lower on Wednesday for a seventh straight session, its
longest such streak in five years, as the Federal Reserve signaled it
could hike interest rates in December and the uncertain U.S. election
continued to cloud the market's outlook.
The U.S. central bank held interest rates steady, but said the economy
had gained steam and job gains remained solid. Policymakers also
expressed more optimism that inflation was moving towards their 2
Investors have been unnerved by a tightening race between Democrat
Hillary Clinton and Republican Donald Trump in next week's presidential
While some polls put Trump ahead on Tuesday, an average of polls
compiled by the RealClearPolitics website showed Clinton retaining a
slight lead. A Reuters/Ipsos daily tracking poll released late on
Wednesday showed Clinton ahead by 6 percentage points among likely
Gold <XAU=> touched $1,300 an ounce earlier in the day, after touching
an almost one-month high on Tuesday.
Crude oil futures edged up, supported by news of an attack on a Nigerian
oil pipeline and a weaker U.S. dollar, after four days of falls over
scepticism that a global glut in crude supplies could be stemmed. [O/R]
Economic data expected on Thursday includes weekly jobless claims, which
is expected to remain unchanged at 258,000. That data is expected at
8:30 a.m. ET.
The Institute of Supply Management's forecast at 10 a.m. ET is expected
to suggest the index dropped to 56.0 in October from 57.1 in September,
while another set of data is likely to show factory orders added 0.2
percent in September.
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Traders work on the floor of the New York Stock Exchange (NYSE) in
New York City, U.S. October 31, 2016. REUTERS/Brendan McDermid
Fitbit sank 30 percent to $8.97 after the wearable fitness device
maker's revenue forecast for the key holiday shopping quarter fell well
below analysts' estimates.
Whole Foods Market rose 2.5 percent to $29.21 after the company said
sales declines at established stores are easing.
First Solar fell 2.5 percent to $39.55 after it said a slide in panel
price was harming bookings.
Futures snapshot at 6:55 a.m. ET:
S&P 500 e-minis were up 0.25 points, or 0.01 percent, with 154,942
Nasdaq 100 e-minis were down 10 points, or 0.21 percent, on volume of
Dow e-minis were up 18 points, or 0.1 percent, with 30,299 contracts
(Reporting by Tanya Agrawal; Editing by Anil D'Silva)
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