1. Moody markets: It’s looking like a down day in the markets.
U.S. stock futures are sinking, European indexes are falling in early trading and most Asian markets closed the week with losses.
This follows a global bond market sell-off, though things now seem to have stabilized a bit.
“The more/the faster treasuries sell-off, the greater the risk it becomes disorderly for other markets,” wrote Kit Juckes, a strategist at Societe Generale.
But don’t get too panicked.
“This is the end of a big bull market more than it’s the start of a big nasty bear market, because growth, inflation and monetary policy prospects just don’t add up to bond Armageddon,” he said.
2. It’s the economy, stupid: The Bureau of Economic Analysis is reporting its first estimate of U.S. gross domestic product for the third quarter at 8:30 a.m. ET.
Economists expect growth picked up pace to 2.5% in the latest quarter, according to data from FactSet.
3. Baking up a deal: Shares in Baker Hughes are spiking in extended trading after the Wall Street Journal reported that General Electric was looking to buy the firm.
But enthusiasm faded a bit after General Electric said in a statement it was “in discussion with Baker Hughes on potential partnerships… [but] none of these options include an outright purchase.”
4. Market movers — Amazon, Alphabet, AB InBev, Baidu: Shares in Amazon are getting slammed after the company reported worse-than-expected quarterly results. This put a dent in the image of a company that seemed like it could do no wrong in recent months.
Shares in beer giant Anheuser-Busch InBev are slipping about 4% in Europe after the company reported results that came in below expectations.
Shares in Google’s parent company Alphabet are set to jump a bit at the open after reporting a surge in sales and profit in the latest quarter.
And shares in Baidu are dipping premarket after the company posted a slight decline in quarterly sales and forecast that revenue will continue falling in the current quarter.
5. Earnings: Exxon Mobil, Chevron, Goodyear Tire, Hershey Foods and Mastercard are set to release earnings before the open Friday.
6. Coming this week: Friday – MasterCard and Exxon Mobil earnings, third-quarter U.S. GDP
