BEFORE THE BELL: Tech and Automotive stocks continue to weigh down markets; H&M flounders with $4 billion in unsold stock
Tech stocks are expected to weight the North American markets this morning. Experts say investors are very concerned about tighter regulations on social media platforms following Facebook user data leaks.
The Nikkei plunged 1.3 per cent in overnight trading, closing at 21,031. The drop was also caused by turmoil in the automotive sector as self-driving vehicles are facing quite a bit scrutiny. Two investigations are underway into fatal collisions involving autonomous vehicles in the states.
Oil is down this morning to 64.81 a barrel.
Gold is sliding to 1,341 an ounce.
The Loonie is gaining to 77.60 cents US.
It’s a good news/bad news situation in the retail clothing world. Lululemon has pulled in higher than expected earnings based on its latest quarterly report. But the same can’t be said for H&M, which reportedly has over $4 billion worth of unsold inventory that it now needs to put into the markdown pile. The Swedish clothing retailer’s stock has fallen 5.5 per cent.