Europe before the bell: When Wall Street sneezes
SPY•Euro STOXX 50 futures fell 0.5%, while Nasdaq 100 futures dropped 2% and S&P 500 futures nearly 1%. Alphabet shares fell 12.6% after massive AI spending pushed cash flow negative, while BP reported net income of $8.46 billion.
1. US tech stocks slide
European index futures pointed to a lower open as U.S. technology shares sold off. Alphabet fell 12.6% on Thursday, wiping out $500 billion in market value, and shares in Intel and Amazon plunged 23% and 7%, respectively, after hours.
2. European earnings
BP reported net income of $8.46 billion, beating expectations, and AstraZeneca announced a restructuring programme aimed at supporting pipeline investments. FTSE 100 futures rose 0.3%. Credit Agricole reported an 11% year-on-year like-for-like rise in third-quarter net profit.
