Investing.com – U.S. futures fell on Friday as revenue forecast cuts from a number of companies and weak retail sales over the holidays threatened to derail Wall Street’s five-day rally as investors fear a possible recession.
The fell 2 points or 0.11% as of 6:40 AM ET (11:40 GMT) while lost 8 points, or 0.04%. Meanwhile tech heavy decreased 13 points, or 0.20%.
Stocks had risen earlier this week on indications that the Fed could pause its stance on policy tightening and optimistic trade negotiations from the U.S. and China. But weak holiday sales from Macy’s and cuts in revenue forecasts from Apple (NASDAQ:) and American Airlines, among others, could wipe out earlier gains.
Meanwhile the government shutdown has become the longest in history and 800,000 Federal workers will miss their first paycheck of the year. U.S. President Donald Trump is at a stand still with Democrats over the shutdown, as he insists that the budget must include funding to build a wall on the U.S.-Mexico border.
Anheuser-Busch was among the top gainers in premarket trading, gaining 5.4% on news that it is issuing $15.5 billion worth of bonds with a 40-year maturity. Netflix (NASDAQ:) rose 2.4%, while Procter & Gamble increased 0.4%. Apple was up 0.4% after it announced it is released three new iPhone models this year.
Elsewhere Pacific Gas & Electric slumped 6.9% while Frontline slipped 4.6% and Facebook (NASDAQ:) was down 0.5%. Activism Blizzard decreased 7.3% after it announced it was transferring publishing rights for its Destiny franchise to Bungie.
In economic news, weekly jobless claims numbers are expected at 8:30 AM ET (13:30 GMT).
In commodities, rose 0.4% to $1,292.35 a troy ounce, while rose 0.5% to $52.89 a barrel. The , which measures the greenback against a basket of six major currencies, fell 0.2% to 94.92.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.