Market Reaction to Earnings and Trade News

Investors showed their disappointment with the latest earnings reports, leading to a significant drop in major United States futures. IBM was among the hardest hit, with its shares plummeting nearly 8% in premarket trading. This reaction underscores the market's sensitivity to corporate performance indicators.

Trade Tensions Between US and China

Despite the Trump administration signaling a softer stance on trade issues with China, tangible progress remains elusive. Chinese officials have clarified that negotiations between the two economic powerhouses are currently at a standstill, adding another layer of uncertainty to the global market outlook.

Market Indices and Currency Movements

The Dow Jones experienced a notable decline, dropping 0.61% or 242 points by early morning. Similarly, the Nasdaq 100 and S&P 500 weren't spared, with decreases of 1% and 0.76%, respectively. On the currency front, the euro gained some ground against the dollar, trading 0.55% higher at one point.