The Hunt for the Next 10 Bagger

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U.S. stocks: Futures plunge on Fed, Portugal bank woes
Gold rallies as stocks in Europe also retreat; trouble in Portugal
MADRID (MarketWatch) — Wall Street was bracing for sharp losses at Thursday’s open as stock futures fell sharply a day after the Federal Reserve revealed key elements of its exit plan for bond-buying and as the parent of a Portuguese bank delayed payments on some short-term debt.

Weekly jobless claims and a speech from a key Federal Reserve member are ahead, while Costco Wholesale Corp. could see action after same-store sales, and as another retailer was poised for more losses.

Losses ramped up for futures through Europe’s morning. Futures for the Dow Jones Industrial Average (CBE:DJU4) sank 144 points, or 0.9%, to 16,769, while those for the S&P 500 index (GLC:SPU4) tumbled 17 points, or 0.9%, to 1,950.20. Futures for the Nasdaq-100 index (GLC:NDU4) dropped 31.50 points, or 0.8%, to 3,854.

Weekly jobless claims are due at 8:30 a.m. Eastern Time, and economists expects claims will rise to 320,000 in the seven days ended July 5, from 315,000 in the prior week. At 10 a.m. Eastern Time, the government will issue wholesale inventories for May. Inventories increased 1.1% in April. http://www.marketwatch.com/story/us-stocks-futures-plunge-as-fed-minutes-sink-in-2014-07-10?dist=beforebell