Stock futures are pointed lower to kick off the new month, as traders continue to digest the Fed statement that sent bond yields surging Wednesday afternoon. Dow Jones Industrial Average (DJI) futures are down nearly 120 points, while Nasdaq-100 Index (NDX) futures are also trading well below fair value amid mixed earnings reactions from the likes of Microsoft (MSFT) and Facebook (FB). Expect the tech sector to remain in focus today, as FAANG stocks Amazon.com (AMZN), Alphabet (GOOGL), and Apple (AAPL) are all slated to release their quarterly results after the closing bell.
Continue reading for more on today's market, including:
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It was a mixed trading session for Asian equity benchmarks, with Chinese stocks suffering sharp losses. The Shanghai Composite fell 1%, and Hong Kong's Hang Seng declined by 0.8%. Investors there ignored another round of positive economic data for the country, as the Caixin manufacturing purchasing managers index (PMI) beat out expectations in January. Japan's Nikkei still managed a big day, however, thanks mostly to a weaker yen. By the close, the index was up 1.7%. South Korea's Kospi also closed higher, finishing up 0.1%.
Meanwhile, European stocks are fighting for positive territory at the halfway point. A number of tech names are making strong post-earnings moves, including Nokia, which posted a top- and bottom-line beat. As for economic data, the January manufacturing PMI for the eurozone matched expectations. The French CAC 40 was leading the way at last check, up 0.2%, while Britain's FTSE 100 and the German DAX were both down 0.1%.