On Oct. 12, a selloff in chipmakers extended for another day, weighing on equity markets as traders prepared for Wall Street banks to kick off the U.S. earnings season. Nasdaq 100 futures fell 0.5%, while S&P 500 contracts were little changed. An exchange-traded fund tracking chip stocks headed for a sixth straight day of losses.
The market picture was mixed. Chip shares remained under pressure, but the Stoxx 600 rallied 0.7%, drawing support from falling oil prices and bond yields. UnitedHealth Group Inc. rose 2.6% in early trading after giving an upbeat outlook.
Chip shares weigh on futures
The chipmaker selloff continued on Oct. 12. Nasdaq 100 futures fell 0.5%, and the exchange-traded fund tracking chip stocks headed for a sixth straight day of losses. Those were the clearest declines. S&P 500 contracts barely moved.
Pressure stayed concentrated in chip stocks. The figures don't show every market moving lower: S&P 500 contracts showed little change, while the Stoxx 600 rose 0.7%. Falling oil prices and bond yields helped lift the European index, according to the report.
Earnings season approaches
Traders were preparing for Wall Street banks to kick off the U.S. earnings season. That approaching start set the backdrop for the day's market moves, though the report doesn't provide company earnings results or forecasts from the banks.
UnitedHealth Group Inc. also featured in the report. Its shares rose 2.6% in early trading after the company gave an upbeat outlook. The report doesn't offer further details about that outlook; the share-price gain is the specific company development it cites.
The available figures concern equity futures, an exchange-traded fund tracking chip stocks, the Stoxx 600, oil prices, bond yields and UnitedHealth Group Inc. They don't describe a transfer of political authority, migration, demographic change or effects on a native population. The article names no political institution, campaign or dissident voice connected to the trading.
The central contrast is clear. Chip stocks continued to weaken, while the Stoxx 600 and UnitedHealth Group Inc. gained. Nasdaq 100 futures fell 0.5%, S&P 500 contracts were little changed, and the European index advanced 0.7%. Traders looked ahead to Wall Street banks starting the U.S. earnings season, as the chip-stock fund headed for a sixth straight day of losses. The report gives no further figures or explanations.