Wall Street Spooked by Emerging Market Weakness, Currency Turmoil and Q4 Earnings

Stock futures continue to unravel amid concerns about earnings, emerging markets and slower global growth prospects with the Dow Industrials expected to open as much as 100 points lower. Global equities started to unravel following yesterday's steep sell-off in the U.S. and continued throughout the overseas session on political turmoil in Turkey, yesterday's weak Chinese PMI, and was amplified by investors pouring out of emerging market currencies such as the Argentinian peso despite aggressive intervention efforts by Argentina's central bank.

Meanwhile in the U.S., investors have been generally unimpressed with Q4 earnings, even driving down the prices of stocks that have beat estimates such as Honeywell ( HON ) and Intuitive Surgical ( ISRG ). But there are a few gainers in the mix that could encourage bargain-hunting as the session gathers momentum with Proctor & Gamble ( PG ), Bristol Myers Squibb ( BMY ) and Kimberly Clark ( KMB ) all reporting upbeat earnings and trading higher in pre-market.

-Dow Jones Industrial down 0.52%

-S&P 500 futures down 0.55%

-Nasdaq 100 futures down 0.55%


Nikkei down 1.94%

Hang Seng down 1.25%

Shanghai Composite up 0.60%

FTSE-100 down 0.90%

DAX-30 down 1.21%


(-) Large cap tech: lower

(-) Chip stocks: lower

(+/-) Software stocks: mixed

(-) Hardware stocks: lower

(-) Internet stocks: lower

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(-) Retail stocks: lower

(-) Industrial stocks: lower

(-) Airlines: lower

(-) Autos lower


BDSI (+43.20%) Biodelivery and partner and Endo Pharmaceuticals (ENDP) reported positive top-line results from its pivotal phase 3 efficacy study of BEMA buprenorphine.

JNPR (+5.73%) Reported strong earnings, upgraded by William Blair


KIPS (-16.67%) Priced a 5.25 Mln share offering at $0.70 per share

ATOS(-23.44%) Priced 5.8 million units for $2.40 per unit for gross proceeds of approximately $14 million.

KSU (-7.49%) Reported Q4 EPS of $1.03, missing the analyst consensus of $1.10 on Cap IQ.

IGT (-10.99%) Q1 Reported earnings of $0.25 per share vs estimates of $0.30 per share.

RTRX (-3.66%) Weaker on unfavorable Seeking Alpha report

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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