⁍ U.S. stocks fell on Friday, dragged down by a slide in shares of tech heavyweights following their quarterly results.
⁍ Apple Inc tumbled about 6% after it posted the steepest drop in quarterly iPhone sales in two years due to the late launch of new 5G phones.
⁍ Amazon.com Inc fell 4% after it forecast a jump in costs related to COVID-19.
⁍ Facebook Inc shed 3.5% as it warned of a tougher 2021.
– The Dow and Nasdaq were on track for their worst week since March on Friday as the final weekend before Election Day brought a sell-off in tech and consumer discretionary stocks, Reuters reports. Tech and consumer discretionary sectors posted the steepest percentage declines. “The market reaction today is more of where (the tech results) came in vs certain people’s expectations. Take a step back and look at the growth that these companies delivered, it’s pretty impressive,” said Pete Santoro, a Boston-based equity portfolio manager at Columbia Threadneedle. “We’re two market days away from Election Day and people want to make sure that they’re not completely caught off guard.” Apple fell about 6% after it posted the steepest drop in quarterly iPhone sales in two years due to the late launch of new 5G phones. Amazon.com Inc fell 4% after it forecast a jump in costs related to COVID-19, while Facebook Inc shed 3.5% as it warned of a tougher 2021.
Source: https://www.reuters.com/article/usa-stocks/wall-street-drops-at-open-as-tech-stocks-slide-covid-cases-jump-idUSKBN27F1WW