BEFORE THE BELL: Tech sector slide weights global markets; crude still down following price drop
Global markets are a bit subdued this morning weighted by losses in tech and commodity sectors.
In overnight trading, the Nikkei gained about .4 per cent to close at 22,697. The moderate gains are moving into European markets as well. Experts say big losses with tech companies are to blame.
Netflix is leading that charge as it plummets 12 per cent in pre-market trading to 350. The slide comes after Netflix came up short on analyst estimates for its subscribers in the latest quarter.
Amazon is also down 16 per cent after a major tech hiccup hit during the start of Amazon Prime Day, blocking many shoppers from hot deals.
Crude prices are recovering, but are still low after sliding on news that Libya would be exporting once again and Saudi Arabia was increasing its own output. US crude is steady at 68.12 a barrel. Analysts predict that will translate to lower prices at the pumps in North America starting tonight.
The Loonie is falling to 76.04 cents US.