Tech rout; Brexit pressure; Volkswagen announcement

1. Tech troubles: It's shaping up to be a rough day for tech stocks.Shares in Nvidia...

Posted: Nov 16, 2018 11:11 AM
Updated: Nov 16, 2018 11:11 AM

1. Tech troubles: It's shaping up to be a rough day for tech stocks.

Shares in Nvidia plunged nearly 17% in extended trading after the company's third quarter results came in significantly lower than expected. Shares in rival chipmaker AMD (AMD) slumped 5% after hours.

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The pain extended to Asia, where shares in gaming company Nintendo (NTDOY) dropped more than 9% on Friday and SoftBank (SFTBF) stock dropped over 3%.

Some of the unease can be attributed to a sharp decline in the price of bitcoin. Nvidia (NVDA) specializes in making hardware for video game consoles and digital currency mining.

2. Brexit chaos: Investors are closely monitoring political developments in the United Kingdom, where Prime Minister Theresa May is fighting to keep her Brexit deal alive.

The pound was flat Friday after falling as much as 2% against the dollar during the previous trading session. UK bank stocks including Lloyds (LYG), Barclays (BCS) and Royal Bank of Scotland (RBS) were hit for a second consecutive day.

Investors are worried that Britain could crash out of the European Union without a deal on Brexit. That would trigger new trade barriers and likely plunge the United Kingdom into recession.

"If the deal as proposed fails to pass parliament, the chances of a no-deal Brexit increase," said Kit Juckes, a strategist at Societe Generale.

3. Global market overview: US stock futures were pointing lower.

European markets opened higher, while stocks in Asia were mixed. Markets in Hong Kong and Korea gained, while Japan's Nikkei moved lower because of the tech rout.

The Dow closed 0.8% higher on Thursday, snapping a four-day losing streak. The S&P 500 added 1% and the Nasdaq gained 1.7%.

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4. Companies and economics: Viacom (VIAB) is set to release its latest earnings before the opening bell.

US industrial production data will be published at 9:15 a.m. ET.

Volkswagen (VLFAK) is set to unveil its electric vehicle investment strategy at a press conference at 6:30 a.m. ET.

The world's biggest carmaker previewed the strategy earlier this week, announcing that two of its factories in Germany will become electric vehicle plants by 2022.

Shares in California electric utility PG&E (PCG) were volatile in premarket trading. The stock plunged to its lowest level in more than 15 years on Thursday over concerns about potential liabilities tied to the Camp Fire.

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5. Coming this week:

Friday — Viacom earnings; Industrial production data; VW announcement

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 307332

Reported Deaths: 7095
CountyCasesDeaths
DeSoto20757248
Hinds19869408
Harrison17475302
Rankin13307275
Jackson13095243
Madison9886210
Lee9854169
Jones8289160
Forrest7522146
Lauderdale7185237
Lowndes6261144
Lamar610284
Lafayette6026117
Washington5279132
Bolivar4769129
Oktibbeha455297
Panola4440103
Pearl River4418139
Warren4277118
Marshall4267100
Pontotoc416472
Monroe4056132
Union403575
Neshoba3984176
Lincoln3869107
Hancock371985
Leflore3468124
Sunflower329389
Tate322681
Pike3177104
Scott310472
Yazoo304268
Alcorn297664
Itawamba296776
Copiah292965
Coahoma289677
Simpson287484
Tippah284668
Prentiss275659
Marion265679
Wayne261341
Leake260973
Grenada254882
Covington254380
Adams245882
Newton244859
George237647
Winston225981
Tishomingo222067
Jasper219748
Attala213273
Chickasaw204857
Holmes186471
Clay182354
Stone179131
Clarke176676
Tallahatchie175240
Calhoun163130
Yalobusha158636
Smith158534
Walthall130543
Greene129433
Lawrence126223
Noxubee125833
Montgomery125542
Perry125138
Carroll120826
Amite119941
Webster113432
Jefferson Davis105332
Tunica102525
Claiborne101330
Benton97225
Kemper95126
Humphreys94332
Franklin81723
Quitman78916
Choctaw72817
Jefferson64828
Wilkinson64727
Sharkey49617
Issaquena1686
Unassigned00

Alabama Coronavirus Cases

Cases: 518588

Reported Deaths: 10712
CountyCasesDeaths
Jefferson753351487
Mobile37698798
Madison33829494
Tuscaloosa25245443
Montgomery23942565
Shelby23094238
Baldwin20617300
Lee15510165
Calhoun14277311
Morgan14137268
Etowah13660345
Marshall11952219
Houston10379278
Elmore9988200
Limestone9806147
Cullman9467188
St. Clair9422234
Lauderdale9208227
DeKalb8745181
Talladega8042171
Walker7087275
Jackson6753110
Autauga6715103
Blount6480135
Colbert6200130
Coffee5397112
Dale4766110
Russell428238
Franklin419882
Chilton4080109
Covington4053114
Tallapoosa3892146
Escambia387574
Dallas3526149
Chambers3499122
Clarke346360
Marion3065100
Pike305475
Lawrence295295
Winston272272
Bibb256258
Marengo248561
Geneva245875
Pickens232959
Barbour224755
Hale218675
Butler212266
Fayette208960
Henry187844
Cherokee182044
Randolph176741
Monroe171240
Washington163838
Macon154348
Clay149354
Crenshaw149257
Cleburne146041
Lamar139234
Lowndes136453
Wilcox124327
Bullock121340
Conecuh109028
Perry107926
Sumter102932
Coosa99228
Greene90734
Choctaw58624
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