Stock futures fell early Friday, with Wall Street set to wrap up a difficult week as U.S. fiscal stimulus talks broke down, coronavirus cases rose and a slew of companies reported quarterly earnings.
Futures for the Dow Jones Industrials thundered lower 245 points, or 0.9%, to 26,312.
Futures for the S&P 500 slouched 29 points, or 0.9%, at 3,272.25.
Futures for the NASDAQ Composite fell 139.75 points, or 1.2%, to 11,203
The Dow is down 5.9% week to date, on pace for its worst week since March 20. The S&P 500 has fallen 4.5% this week, headed for its worst week since June 12.
The Dow and the S&P 500 are also set to post their second straight month of losses as Wall Street wraps up a turbulent October. The 30-stock average is down 4% this month, and the S&P 500 has lost 1.5%. The Nasdaq outperformed, rising just 0.2% in the same period.
Shares of Apple fell nearly 4% in pre-market trading after the tech giant reported a 16% decline in iPhone sales and failed to offer investors any guidance for the quarter ahead. Amazon dipped 1.4% even after the e-commerce giant reported blowout third-quarter results with a big beat on the top line.
Shares of Alphabet soared more than 5% after the Google parent company posted quarterly results that topped Wall Street expectations.
Meanwhile, Twitter dropped more than 15% after the social media company reported user growth that fell short of expectations.
Earlier in the week, Senate Majority Leader Mitch McConnell adjourned the Senate until Nov. 9, making it unlikely for Democrats and Republicans to reach a deal on new fiscal stimulus. Treasury Secretary Steven Mnuchin, meanwhile, accused House Speaker Nancy Pelosi of miscasting the state of the stalled negotiations, calling it a “political stunt.”
Overseas, in Japan, the Nikkei 225 collapsed 1.5% Friday, while in Hong Kong, the Hang Seng index hesitated 2%.
Oil prices faded 11 cents to $36.06 U.S. a barrel.
Gold prices picked up $11.00 to $1,879.