Dow, S&P futures drop as COVID-19 cases surge; tech stocks inch higher

By Medha Singh and Shivani Kumaresan

(Reuters) – Futures tracking the S&P 500 and Dow fell on Thursday as U.S. coronavirus infections surged and investors weighed the timeline of the roll-out of an effective vaccine, while some heavyweight technology stocks headed higher for the second straight day.

New York became the latest state to introduce social distancing restrictions on Wednesday, as new coronavirus cases in the United States surged above 100,000 for an eighth consecutive day.

Futures for the blue-chip Dow slipped 0.8% as industrial and financial companies sensitive to economic growth fell, with Boeing Co and JPMorgan Chase & Co down about 2% each.

American Airlines Group Inc, United Airlines Holdings Inc and Royal Caribbean Cruises Ltd, among the hardest hit by the outbreak, fell between 1.7% and 4.2%.

“With several of the early November catalysts out of the way, the market does appear to be expressing concern with

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Asian shares’ valuations drop in October to make them more attractive

(Reuters) – The valuations of Asian shares based on forward earnings dropped to a four-month low in October, boosting the allure of Asian equity markets as the region recovers from the coronavirus pandemic.

Brokers trade at their computer terminals at a stock brokerage firm in Mumbai, August 25, 2015. REUTERS/Shailesh Andrade/Files

The forward 12-month price-to-earnings ratio (P/E) for MSCI’s broadest index of Asia-Pacific shares fell to 15.9 at the end of last month, the lowest since June. That compares with 18.3 for the MSCI World index.

Graphic: MSCI Asia and World index PE

The forward P/E ratio values a stock based on its estimated earnings for the next 12 months, and the ratio falls when analysts project higher growth.

Analysts have raised Asian companies forward 12-month earnings estimates by 1.5% over the past month, with the region witnessing fewer numbers of COVID-19 cases and most

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Lowest prices ever: AirPods Pro drop to $189, 13″ MacBook Pro (10th Gen CPU) $1,549 today only

Apple Authorized Reseller Adorama has issued an early Cyber Monday price drop on Apple AirPods Pro, knocking the popular earbuds down to $189 ahead of Black Friday. Meanwhile, the 2020 13-inch MacBook Pro with a 10th Gen Intel Core i5 processor is on sale for $1,549 ($250 off). These deals could end at any time, so don’t delay.

Lowest AirPods Pro price

In addition to the cash savings, shipping is free within the contiguous U.S. You must shop through our special pricing link to activate the deal. Full step-by-step instructions can be found below.

Apple AirPods Pro $189 flash deal

Lowest 13″ MacBook Pro (2.0GHz, 16GB, 512GB) price…ever

The Cyber Monday sale at Adorama also offers dozens of other deals on digital cameras, monitors and accessories, including this 2020 13-inch MacBook Pro with a 10th Generation Intel Core i5 processor, 16GB of memory and a 512GB SSD.

The model in Silver (MWP72LL/A) is a

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Stocks Drop With Futures as Tech Worries Weigh: Markets Wrap

(Bloomberg) — Fresh concerns about the outlook for technology giants fueled a decline in stocks and U.S. equity-index futures on Friday. The yen strengthened.

European shares opened lower, with miners among the biggest losers after Glencore Plc, the world’s biggest shipper of coal, reduced its production target for the third time this year. Nasdaq 100 contracts fell nearly 2% following a string of mixed reports from the likes of Amazon.com Inc. and Apple Inc. Shares tumbled across Asia, with stocks in South Korea and Japan faring worst.

The S&P 500 had earlier bounced back a day after its biggest rout in four months, with investors encouraged by better-than-forecast economic data even as they kept a wary eye on growing coronavirus infections. Crude oil edged lower.



chart: Nasdaq 100 futures fall after results from tech megacaps


© Bloomberg
Nasdaq 100 futures fall after results from tech megacaps

Weakness in technology shares is adding to volatility that’s likely to remain elevated heading

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Amazon’s Stock May Drop Further Despite Big Earnings Beat

Amazon.com Inc. (AMZN)  reported blow-out third quarter results on October 29, easily beating analysts’ expectations. But it may be a disappointment on Amazon’s Web Services business that turned the stock lower by almost 2% in the after-hours session.

The equity has had a tremendous move in 2020. However, the stock isn’t cheap, with the shares trading at its highest valuation in years. The technical chart wasn’t in great shape heading into results either.

AWS

According to data from Refinitiv, analysts were looking for third quarter AWS revenue in a range of $11.2 billion to $11.9 billion,

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