Stock Market Today: Futures Fall in ‘Sell First, Ask Questions Later’ Market

NEW YORK (TheStreet) -- U.S. stock index futures were weak Friday, pointing to a potential weekly loss for the benchmark stock indices as investors continued to worry that the global economy was stalling.

Dow Jones Industrial Average futures fell 28 points, or 4.75 points above fair value. S&P 500 futures slumped 2.75 points, or 0.84 points above fair value. Widespread jitters about a cooling Chinese economy and a questionable economic recovery in Europe coming just as U.S. quantitative easing nears its end has brought the S&P down by 2% so far this week. That puts the index on track for a third straight weekly loss.

Nasdaq futures shed 26.5 points, or 16.82 points below fair value.

Watch the video below for a closer look at how U.S. markets are doing in premarket trading Friday:

"With nearly half of the SPX profits coming from overseas, this has lead to a 'sell first, ask questions later' mentality," said Ryan Detrick, strategist at research firm See It Market. 

The SPX 200-day moving average is now around 1,905, and there hasn't been a close beneath that level for 476 days, according to Detrick. Detrick said this is the third-longest streak since 1950, and that coupled with the fact there hasn't been a 10% correction for 36 months "feels this rally could be getting very long in the tooth."

On Thursday, Wall Street was victim to a broad-based selloff as market bears sold on global growth fears and obliterated all sense of Federal Reserve-inspired optimism fostered a day earlier. The S&P 500 suffered its worst day in in six months and closed more than 2% lower. The Dow Jones Industrial Average unloaded more than 300 points and closed down 1.95%, its seventh fall in the past nine sessions.

Asian and European markets were splashed with red ink Friday morning following Thursday's reversals on Wall Street. Germany's poor performance, and the possibility that the country may now be now in recession, bodes poorly for the rest of the eurozone. Italy's industrial production was up 0.3% in August, falling short of economists' predictions.

The Labor Department reported Friday that U.S. import prices fell 0.5% in September vs. the 0.7% decline expected by economists. The latest report, the third straight negative reading, demonstrated that inflationary pressures were falling amid continued evidence of a slowing global economy and an appreciating U.S. dollar. 

In corporate headlines Friday, Symantec (SYMC) , the security software maker, said it plans to split itself into two separately traded companies.

Earnings season will be in full gear next week with all major banks reporting their most recent quarters. Citigroup (C) , JPMorgan (JPM) and Wells Fargo (WFC) are scheduled for Tuesday morning; Goldman Sachs  (GS) Thursday morning, and Morgan Stanley  (MS) before market open Friday.

Other notable earnings next week include Intel (INTC)  on Tuesday; American Express (AXP) , eBay (EBAY) and Netflix (NFLX) Wednesday afternoon; and Google (GOOGL) after the bell Thursday.

-- By Andrea Tse in New York

Follow @AndreaTTse

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