U.S. stock futures are pointing to a weak open on Friday as major tech companies like Amazon, Intel, and Alphabet face steep declines. Futures for the S&P 500 dropped 1%, while Nasdaq futures fell 2.3%. The Dow Jones Industrial Average futures remained unchanged.
Bitcoin dropped about 3% to $77,695 after a major $6.36 billion hack at Binance, the cryptocurrency exchange, which temporarily suspended withdrawals and deposits. Alphabet's Class A shares slid more than 12% on Thursday, their worst day since trading began over 20 years ago, after reporting weaker-than-expected summer growth. The company has been under pressure to meet growth expectations amid concerns about its AI investment spending.
Amazon shares fell nearly 7% in premarket trading after delivering fiscal third-quarter results below analysts’ expectations and offering a cautious sales forecast for the holiday shopping period. Intel's stock slumped more than 25% before the market open due to a softer-than-anticipated fourth-quarter outlook, citing continued weakness in the personal computer market.
In energy trading, benchmark U.S. crude rose 2.1% to $104.13 a barrel, while Brent crude climbed 2.5% to $113.51 a barrel. Tensions in the Strait of Hormuz escalated as the British military reported a tanker fire after an explosive attack, following Iran’s Revolutionary Guard claims of mine strikes on three oil tankers earlier in the week.
European markets showed mixed results, with France's CAC 40 gaining 0.1%, Germany's DAX falling 0.6%, and Britain's FTSE 100 adding 0.3%. Asian markets were mostly lower.