Thu, 26 Nov 2020

U.S. stocks fall amid tech sell-off

Xinhua
31 Oct 2020, 07:18 GMT+10

NEW YORK, Oct. 30 (Xinhua) -- U.S. stocks closed lower on Friday, as a pronounced slide in tech sector weighed on the market.

The Dow Jones Industrial Average fell 157.51 points, or 0.59 percent, to 26,501.60. The S&P 500 was down 40.15 points, or 1.21 percent, to 3,269.96. The Nasdaq Composite Index shed 274.00 points, or 2.45 percent, to 10,911.59.

Nine of the 11 primary S&P 500 sectors moved lower, with consumer discretionary and technology down 3 percent and 2.44 percent, respectively, leading the laggards.

Apple shares dropped 5.6 percent after the company reported a decline in iPhone sales during the September quarter compared with the prior year.

Amazon shares slid 5.45 percent despite the company's strong third-quarter results.

Shares in other tech giants such as Facebook and Netflix also struggled.

Markets focused more on mega-cap tech companies' relatively cautious earnings guidance, with most of them citing pandemic risks or noting an uncertain operating environment, analysts at UBS said in a note.

More than 9 million COVID-19 cases have been reported in the United States with the death toll exceeding 229,000 as of Friday afternoon, according to data from Johns Hopkins University.

On the data front, U.S. personal consumption expenditures increased 1.4 percent in September and personal income rose 0.9 percent, the Commerce Department reported Friday.

U.S.-listed Chinese companies traded mostly lower, with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.

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