Market Turmoil Following Earnings Reports

Investors showed their disappointment with the latest earnings reports as US futures experienced a significant drop. IBM led the downturn with an almost 8% plunge in the premarket, signaling a rough day ahead for the tech sector.

Trade Tensions with China Remain Unresolved

Despite the Trump administration adopting a softer stance on trade matters with China, progress remains elusive. Beijing officials confirmed that negotiations between the two economic powerhouses are currently at a standstill, adding to the market's unease.

Market Indices Show Significant Losses

By early morning, the Dow Jones had slid 0.61%, or 242 points, while the Nasdaq 100 plummeted 1%, or 187 points. The S&P 500 wasn't spared either, declining by 0.76%.

Euro Gains Against the Dollar

In currency markets, the euro traded 0.55% above the dollar, reaching 1.13769 by mid-morning, indicating a shift in investor sentiment towards European assets.