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The Before the Bell report is constantly updated to reflect the latest news developments and market moves in the premarket. Check back later for updates.

Wall Street's tech-led selloff on Thursday has made for an ugly Friday in overseas markets - and there's little hint of a rebound in North American equities ahead of the opening bell.

U.S. stock futures, which early this morning were relatively flat, are trading well into the red as the opening bell approaches - although off their lowest points. S&P 500 futures are down close to 0.3 per cent, with Nasdaq futures down the most, by nearly 0.5 per cent. A weaker-than-expected earnings report this morning from JPMorgan only added fuel to the negative sentiment, especially given it's one of the first stocks to report first-quarter results. Its shares are down more than 3 per cent in premarket trading.

On the upside, however, is another huge U.S. bank: Wells Fargo. It beat earnings expectations and its shares are up about 1 per cent in the premarket.

The S&P 500 fell 2.1 per cent on Thursday, its steepest loss since Feb. 3, placing it on shaky technical ground. It has now fallen below its 50-day moving average and is threatening to cross its 100-day moving average. As was the case a week ago, its downward trajectory was inspired by a steep selloff in high-growth biotechnology and Internet stocks that have seen valuations reach sky-high levels.

Some market veterans suggest this morning that stocks with more fair valuations were unfairly punished on Thursday as selling pressure spread to other sectors. But right now, much hinges on how the corporate earnings season turns out.

Tokyo saw some of the heaviest losses overnight in Asia, with the Nikkei index down 2.3 per cent to below 14,000 for the first time since October. It lost 7 per cent just this week alone. The greatest losses there today were also in the tech sector, with companies dependent on exports continuing to get slammed on renewed strength in the Japanese yen.

Losses in China were more subdued, with Shanghai down 0.1 per cent as investors took in the country's latest inflation figures. China's consumer prices rose 2.4 per cent in March from the previous year, close to expectations, with producer prices falling a greater-than-expected 2.3 per cent. The Chinese government has a 2014 inflation goal of 3.5 per cent, suggesting there is some room for monetary or fiscal stimulus measures without endangering a rise in inflation.

Now, here's a closer look at what's going on this morning and what's to come.

MARKETS:

Equities:

Futures: S&P 500 -0.28 per cent; Dow -0.29 per cent; Nasdaq -0.44 per cent; S&P Toronto -0.18 per cent

Hong Kong's Hang Seng -0.79 per cent

Shanghai composite index -0.15 per cent

Japan's Nikkei -2.38 per cent

London's FTSE 100 -1.22 per cent

Germany's DAX -1.86 per cent

France's CAC 40 -1.46 per cent

Commodities:

WTI crude oil (Nymex Jun) -0.20 per cent at $102.22 (U.S.) a barrel

Gold (Comex Jun) +0.16 per cent at $1,322.60 (U.S.) an ounce

Copper (Comex May) +0.59 per cent at $3.06 (U.S.) a pound

Currencies:

Canadian dollar at 91.44 (U.S.), down 0.0001

U.S. dollar index down 0.009 at 79.39

Bonds:

U.S. 10-year Treasury yield 2.65 per cent, down 0.01

ECONOMIC INDICATORS:

The U.S. producer price index rose 0.5 per cent in March, more than the Street expectation of a 0.1 per cent rise.

(955 a.m. ET) University of Michigan consumer sentiment. Consensus is for the index to rise to 81.0 from the March reading of 80.0.

STOCKS TO WATCH:

Shares in JPMorgan Chase & Co. are down 3.6 per cent in the premarket after reporting first-quarter profit per share of $1.28 (U.S.) on revenues of $22.99-billion, well below Street expectations of $1.39 on revenues of $24.43-billion.

Wells Fargo reported first-quarter EPS of $1.05 versus the Street estimate of 96 cents. Its shares are up 1 per cent in the premarket.

ANALYST ACTIONS:

Desjardins Securities downgraded Cogeco Cable to "hold" from "buy" but hiked its price target to $65 (Canadian) from $60.50.

BMO Nesbitt Burns downgraded Finning International to "underperform" from "market perform" on weak fundamentals in the Chilean market. Its price target was cut to $27 (Canadian) from $33.

Euro Pacific Canada downgraded Shaw Communications to "sell" from "hold" and maintained a $25 (Canadian) price target.

Canaccord Genuity hiked its price target on Sandvine to $4.50 (Canadian) from $3.70 and kept a "buy" rating.

Deutsche Bank upgraded Ford to "buy" from "hold" and raised its price target to $19 (U.S.) from $18.50.

Citibank downgraded Bed Bath & Beyond to "neutral" from "buy" and cut its price target to $72 (U.S.) from $85.

Barclays upgraded E*Trade to "overweight" from "underweight" and raised its price target to $24 (U.S.) from $19.

Barclays upgraded TD Ameritrade to "overweight" from "equalweight" and maintained a $36 (U.S.) price target.

Morgan Stanley upgraded ConocoPhillips to "equalweight" from "underweight" with a price target of $85 (U.S.).

Goldman Sachs upgraded Shutterfly to "buy" from "neutral" and raised its price target to $52 (U.S.) from $47.

THIS MORNING'S TOP INVESTING LINKS:

Timely advice on what investors should do now as the long-awaited corrections may be materializing.

Investors are showing desperation as they buy up Greek debt.

Two socially responsible ETFs that work.

Get comfortable with looking stupid as an investor.

Marc Faber says the stock market is setting up for a decline more painful than the sudden crash of 1987.

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For instant headlines on breaking economic and corporate news in the premarket, follow Darcy Keith on Twitter at @eyeonequities.

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