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 Here is what you need to know. Stocks are set for a big drop at the open. The Nasdaq was set for a 2.5% drop at Friday's open after Amazon, Google, and Snap all delivered disappointing earnings results. The Dow Jones Industrial Average and the S&P 500 were on track to open down 1.3% and 1.9%. Overseas, Hong Kong's Hang Seng (-1.1%) led the losses in Asia, and Germany's DAX (-1.9%) paces the decline in Europe. Amazon's revenue and guidance come up short. The e-commerce behemoth tumbled more than 8% in after-hours trading Thursday after reporting both third-quarter revenue ($56.6 billion) and fourth-quarter revenue guidance ($66.5 billion to $72.5 billion) that fell short of Wall Street estimates. Alphabet's revenue misses. Google's parent company said revenue surged 22% in the third quarter to $27.2 billion, but shares fell 5% late Thursday as the number was shy of the $27.33 billion that analysts surveyed by Bloomberg were expecting. Snap lost 2 million users in the third quarter. The social-media company plunged 10% in after-hours trading Thursday after delivering better-than-expected top- and bottom-line results that were accompanied by a drop of 2 million daily active users. Goldman Sachs says the stock market will become a drag on the US economy in 2019 and there's one way traders can safeguard their portfolios. "Looking ahead, our baseline expectation is a decline in the equity impulse to real GDP growth to about -0.25pp in the first half of next year," Jan Hatzius, the chief economist at Goldman, said in a recent note to clients. Trump's trade war with China is starting to get nasty for US companies. Surveys from the Federal Reserve and market-research firms released Wednesday showed US businesses growing increasingly concerned that goods coming into the US from other countries were becoming more expensive and that retaliatory tariffs were making it harder to sell to places such as Canada and China. The Chinese yuan hits its weakest level in over a decade. The yuan fell to 6.9642 per dollar on Friday, its weakest since May 2008. The Bank of Japan continues its 'stealth tapering.' The Bank of Japan keeps saying it will purchase about 80 trillion yen of Japanese government bonds to keep the 10-year JGB yield anchored to 0% — but it has yet to do so. Earnings reporting slows. Colgate-Palmolive and Phillips 66 report ahead of the opening bell. US economic data remains heavy. The advanced reading of third-quarter gross domestic product and PCE core prices will be released at 8:30 a.m. ET before University of Michigan consumer confidence crosses the wires at 10 a.m. ET. The US 10-year yield is down 4 basis points at 3.08%, its lowest since October 2. | 
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