Stock futures and global equities point to markets extending a selloff after Fitch downgraded the U.S.'s credit rating, and as investors continue to parse earnings reports. Follow our live analysis:
Earnings are due from big companies including CVS, DuPont and Kraft HeinzStock futures and global equities declined, pointing to markets extending a sell off after“There is some unwind of the soft landing hopes that investors had increasingly priced into equity markets,” said Laura Cooper, a macro strategist at BlackRock. “Earnings are coming in a bit more lackluster.”
Companies reporting earnings ahead of this morning's opening bell include CVS Health, Carlyle Group, Kraft Heinz and DuPont. After markets close, PayPal, Qualcomm and Robinhood Markets are set to post their quarterly results.Contracts tied to the S&P 500 declined 0.9% and those linked to the Nasdaq-100 slid 1.3%. Dow futures were down 0.7%.The benchmark 10-year Treasury yield held broadly steady, after climbing Tuesday to 4.048%, the second-highest closing level this year.
Investor disappointment over China's hesitation to provide more concrete support for its sputtering economy weighed on the Hang SengOil prices gained. Global crude benchmark Brent rose to around $85.60 a barrel. Analysts pointed to signs of a large drawdown in U.S. oil stocks.
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