Apple, Amazon, Unemployment By

© Reuters. – U.S. stock futures tumbled on Thursday, extending the previous day’s strong selling on a surprise U.S. downgrade and expectations for results from tech leader Apple (NASDAQ:) and email giant Amazon (NASDAQ:).

At 00:30 ET (00:30 ET), the contract was down 50 points or 0.1%, 10 points or 0.2% and 40 points or 0.3%.

Benchmark Wall Street indices closed with big losses on Wednesday after Fitch downgraded the US government’s credit rating to AA+ from AAA late Tuesday, citing a likely fiscal deterioration over the next three years, as well as the usual drawn-out debt ceiling talks.

The index fell 350 points, or 0.1%, while the overall index fell 1.4% and the technology index fell 2.2%, the worst day since February.

Apple and Amazon top the list

While sentiment remains volatile, attention is likely to turn this Thursday to Apple, the world’s largest company by market capitalization, and online trading giant Amazon, both of which are releasing their quarterly results today for an already tight week for business results. .

Apple is likely to announce a third consecutive quarter of revenue declines, and details about the current quarter ending in September are likely to be in the spotlight. Investors may also be interested to know if the iPhone maker has any plans to integrate artificial intelligence into its operations.

At Amazon, the group’s key cloud computing division will be in the spotlight as the retail giant has already signaled that the slowdown from the previous quarter in its Amazon Web Services division continued into April.

More results are expected from beer giant Anheuser Busch Inbev (EBR:), rental company Airbnb, online travel agency. expedition (NASDAQ:), mobile payments company Block, and insurance company Cigna (NYSE:).

Elsewhere, shares in chip maker Qualcomm (NASDAQ:) fell more than 8% as revenue guidance for the current quarter was below market estimates, while DoorDash shares rose more than 5% after the supplier company raised annual profit forecast for the second quarter. time and released an upbeat quarterly report on growth in grocery orders.

Weekly jobless claims published

Additional labor market data will be released this Thursday, such as the weekly data for , and the July report will be released on Friday.

Data released on Wednesday showed the US grew more-than-expected in July, adding 324,000 jobs last month, according to ADP’s national jobs report.

July and June will also be published.

The Federal Reserve will meet in September and study the data to include in its interest rate decisions.

Oil stabilizes after destocking in US

Oil prices are stabilizing this Thursday after the previous day’s heavy losses as a result of a US credit downgrade, helped by an unprecedented credit rating downgrade, indicating a significant adjustment in crude oil markets.

Official data released Wednesday showed U.S. crude inventories fell by more than 17 million barrels in the week ending July 28, the biggest drop since data collection began in 1982.

By 00:30 ET (00:30 ET), IC futures were down 0.2% to $79.30 a barrel, while the IC contract was down 0.3% to $82.96 a barrel.

In addition, the pair fell 0.1% to $1972.65 an ounce, while the pair fell 0.1% to $1.0923.

(Oliver Gray contributed to this article.)

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About Ankur Jain

I'm Ankur Jain, and I'm thrilled to be part of the team as an editor. I call India my home, and I have a passion for crafting engaging and well-written articles. With a solid background of 7 years in this field, I bring a wealth of experience to my work. It's my pleasure to contribute to the informative and captivating content you'll find on Stay tuned for some exciting stories and news pieces coming your way!

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