U.S. stock futures declined early Friday, following a sharp sell-off the previous day, driven by renewed concerns over regional banks’ lending practices. Futures on the Nasdaq 100 (NDX), the Dow Jones Industrial Average (DJIA), and the S&P 500 Index (SPX) were down 1.38%, 0.89%, and 1.17%, respectively, at 5:04 a.m. EST on October 17.
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In Thursday’s regular trading session, major indices declined as regional banks slid, bond yields hit their lowest since April, while gold reached a new record high. Concerns about the U.S.-China trade war, elevated valuations fueled by the artificial intelligence (AI) boom, and the ongoing U.S. government shutdown, now in its third week, continue to weigh on investor sentiment. Overall, the Dow Jones, the S&P 500, and the Nasdaq Composite closed lower by 0.65%, 0.63%, and 0.47%, respectively, on Thursday.
Coming to key earnings reports today, investors will focus on the quarterly results from American Express (AXP), Comerica (CMA), SLB (SLB), Fifth Third (FITB), Huntington Bancshares (HBAN), and Truist Financial (TFC).
Meanwhile, the U.S. 10-year Treasury yield was down, floating near 3.96%. WTI crude oil futures were trending lower, hovering near $56.77 per barrel as of the last check. Meanwhile, the Gold Spot U.S. dollar price moved higher to nearly $4,336 per ounce, as of writing.
Elsewhere, European stocks traded lower early Friday as concerns related to the U.S. regional banking sector spread to the region.
Asia-Pacific Markets Closed Lower on Friday
Asia-Pacific markets closed in the red today, driven by escalating trade tensions between the U.S. and China, as well as fears related to the U.S. regional banking sector.
On Friday, Hong Kong’s Hang Seng Index declined 2.5%, mainly dragged down by educational stocks. In China, the Shanghai Composite and the Shenzhen Component fell 1.95% and 3%, respectively.
In particular, BYD (HK:1211) stock fell 4% on news of its largest recall, affecting around 115,000 vehicles due to design defects and battery-related issues.
Meanwhile, Japan’s Nikkei lost 1.44%, while the Topix fell 1.03%.
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