US STOCKS-Tech stocks knock down Wall St as coronavirus cases spiral

US STOCKS-Tech stocks knock down Wall St as coronavirus cases spiral

Reuters  | Oct 30, 2020 23:30

US STOCKS-Tech stocks knock down Wall St as coronavirus cases spiral

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
* Twitter slumps as user growth disappoints
* Apple, Amazon, Facebook drop after results
* Alphabet rises as businesses resume ad spending
* Indexes down: Dow 1.6%, S&P 1.8%, Nasdaq 2.7%

(Adds comment, details; Updates prices)
By Medha Singh and Shivani Kumaresan
Oct 30 (Reuters) - Wall Street's major indexes tumbled on
Friday, dragged down by a slide in shares of tech heavyweights
following their quarterly results, with a record rise in
coronavirus cases and nerves over the presidential election
adding to a downbeat mood.
The three main indexes were on course for their worst week
since March as spiraling coronavirus cases in the United States
push hospitals to the brink of capacity. The CBOE volatility index .VIX held at a 20-week high
ahead of the final weekend before Election Day on Tuesday.
Apple Inc AAPL.O tumbled about 5.2% after it posted the
steepest drop in quarterly iPhone sales in two years due to the
late launch of new 5G phones. Inc AMZN.O fell 4.1% after it forecast a jump
in costs related to COVID-19, while Facebook Inc FB.O shed
6.2% as it warned of a tougher 2021. Tech .SPLRCT and consumer discretionary .SPLRCD sectors
posted the steepest percentage declines.
Communication services .SPLRCL got a boost from a 3.9%
jump in shares of Alphabet Inc GOOGL.O after the Google parent
beat estimates for quarterly sales as businesses resumed
advertising. "There is a big selloff in those big tech names because they
didn't live up to the hype and people are really worried about
next week's election," said Kim Forrest, chief investment
officer at Bokeh Capital Partners in Pittsburgh.
President Donald Trump has consistently trailed Democratic
challenger Biden in national polls for months, but polls in the
most competitive states have shown a closer race. At 10:52 a.m. ET the Dow Jones Industrial Average .DJI
fell 423.74 points, or 1.58%, to 26,237.80, the S&P 500 .SPX
lost 59.85 points, or 1.81%, to 3,250.76 and the Nasdaq
Composite .IXIC lost 297.66 points, or 2.65%, to 10,888.81.
The third-quarter earnings season is past its halfway mark,
with about 84.8% of S&P 500 companies topping earnings
estimates, according to Refinitiv data. Overall, profit is
expected to fall 13.4% from a year earlier.
Twitter Inc TWTR.N slumped about 20% after the
micro-blogging site reported fewer users than expected and
warned the U.S. election could impact ad revenue. AbbVie Inc ABBV.N gained 5% after the drugmaker posted
better-than-expected quarterly earnings and raised its full-year
adjusted profit forecast.
Declining issues outnumbered advancing ones on the NYSE by a
3.9-to-1 ratio, while on Nasdaq, a 0.3-to-1 ratio favored
The S&P 500 posted two new 52-week highs and one new low,
whereas the Nasdaq Composite recorded 12 new highs and 63 new

Related News

Latest comments

Add a Comment
Please wait a minute before you try to comment again.
Write a reply...
Please wait a minute before you try to comment again.

Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

English (USA) English (UK) English (India) English (Canada) English (Australia) English (South Africa) English (Nigeria) Deutsch Español (España) Español (México) Français Italiano Nederlands Português (Portugal) Polski Português (Brasil) Русский Türkçe ‏العربية‏ Ελληνικά Svenska Suomi עברית 日本語 한국어 简体中文 繁體中文 Bahasa Indonesia Bahasa Melayu ไทย Tiếng Việt हिंदी
Sign out
Are you sure you want to sign out?
Saving Changes


Download the App

Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors. is better on the App!

More content, faster quotes and charts, and a smoother experience is available only on the App.