Premarket: Apple is red

apple premarket red 7-30From TheStreet’s “Dow Futures Slump on Grim Fed Outlook: Big Tech Earnings, GDP and Jobs Data in Focus” posted early Thursday:

U.S. equity futures slumped lower Thursday, while the dollar rebounded from its two-year low and gold held near its recent record highs, as investors braced for a crucial series of tech earnings and economic data that could underscore the Federal Reserve’s concern for the pace and depth of the nation’s coronavirus recovery.

Fed Chairman Jerome Powell put the global coronavirus pandemic at the center of his monetary policy framework Wednesday, telling reporters via a video conference in Washington the he was “not even thinking about raising rates” amid increasing signals of slowing job growth and fading consumer confidence.

With big tech earnings from Apple, Facebook, Google and Amazon due after the close of trading today, and a series of weaker-than-expected second quarter reports from European bluechips such as Volkswagen and Royal Dutch Shell, global stocks struggled to find any momentum in the overnight session, setting up Wall Street for a weaker start to the trading session.

My take: I’m just waiting for June quarter results.

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