) hugged the flatline in mid-morning trading after falling about 130 points at the open. Contracts on the benchmark S&P 500 all fell on the news, down roughly 6%, 3% and 8%, respectively, as the broader tech space lags the overall market.
It reported earnings of $7.8 billion and revenue of $25.2 billion, which was up 3% from a year ago. Its net interest income, which measures the difference between what it makes on its loans and pays for its deposits, rose 4% year over year. New data from the Commerce Department released Monday showed retail sales rose 0.7% in September from the previous month, more than double Wall Street's estimates for 0.3% growth. Sales excluding auto and gas increased 0.6%, above estimates for a 0.1% increase compiled by Bloomberg. Meanwhile, August's sales were revised up to 0.8% from a previously reported 0.6% increase.
Investors will be closely watching third quarter earnings from the big tech companies. Data from Bloomberg Intelligence shows that the big five - Apple , Microsoft , Amazon , Nvidia , and Alphabet - are expected to show an average 34% year-over-year jump in earnings. Yahoo Finance Senior Business Reporter Ines Ferre joins to break down the potential performance of these companies and what investors should pay attention to.
-- President Xi Jinping said the Belt and Road Initiative has a “golden decade” ahead, welcoming Russian President Vladimir Putin and other delegates at a forum aimed at reinvigorating what Xi has called a “project of the century.
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