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US stocks to open lower on tech, oil stocks

Friday, September 23, 2016 6:14
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(Before It's News)

Wall Street shares were set to open lower on Friday as tech stocks bore a hole and oil prices eased on jitters about what may happen at an OPEC meeting in Algeria next week.

Oil producers are talking again about whether to freeze production but markets remain anxious.

The S&P 500 index future read down 0.6% to 2164.

The US oil benchmark West Texas Intermediate was softer by  0.2% at $46.24.

A number of Federal Reserve members are expected to speak today at public events, and Minneapolis Fed President Neel Kashkari is holding an open Twitter (NYSE:TWTR) forum.

Patrick Harker, Dennis Lockhart, and Loretta Mester are all speaking at a conference hosted by the Federal Reserve Bank of Philadelphia. On Wednesday, the Fed opted to keep interest rates steady, but there was dissent in the ranks, with three Fed members out of 12 voting for a hike.

Pre-market, shares in Yahoo (NASDAQ:YHOO) were down 1.5% at $43.50 and Facebook (NASDAQ:FB) down 2.1% at $127.35, upsetting the tech party following the record high close of the Nasdaq Composite on Thursday.

Investors are unimpressed after Yahoo announced a massive data breach Thursday that affects at least 500 million accounts.

And Facebook stock is slumping after the Wall Street Journal reported that the social media company “vastly overestimated average viewing time for video ads on its platform for two years.”

The world’s largest social network said in a statement that there was an error with a video metric calculation, but it has since been fixed.

Santander Consumer USA shareholders were given a rude awakening on Friday after the subprime car loans company said it would need to restate three years’ worth of financial statements due to “errors.”

The company, a unit of Spain’s largest bank, said in a statement that financial statements and disclosures issued for the full years in 2013, 2014 and 2015, and the quarters within 2014 and 2015, as well as the first quarter of 2016, “should no longer be relied upon”.

Hoping for less of a red face will be Finish Line (NASDAQ:FINL). The company reported forecast-topping sales in the second quarter before the opening bell. Pre-market the shares were up 2% at $24.49.

In data, the flash estimate of Market PMI for September is due at 0945 EST. Last month it recorded 52.0. A figure above 50.0 indicates expansion.

Story by ProactiveInvestors

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