Due to the lock-in of the coronavirus and concerns about the technology giant’s quarterly results, market sentiment was suppressed, and the stock market resumed its decline after a brief pause on Thursday.
The Nasdaq Composite Index fell more than 0.79%, the Standard & Poor’s 500 Index fell more than 0.3%, and the Dow Jones Industrial Average fell by the same or more than 100 points.
The US stock market is entering its worst month since March.
|Me: DJI||Dow Jones Average||26,488.44||-1
|I: COMP||Nasdaq Composite Index||11026.865987||-158.73||-1.42%|
Although large technology companies (Amazon, Google’s parent company Alphabet, Facebook, Apple, and Twitter) performed better than expected, concerns about the impact of COVID-19 on the global economy caused a sharp decline for everyone, but Alphabet’s stock price In early Friday trading on the rise.
Chief Financial Officer Luca Maestri said that Apple’s stock price has fallen, saying that its subscription package Apple One will be launched on Friday as the company increasingly focuses on services to increase revenue.
COVID-19 cases continue to rise, and the United States hit a new one-day high of 89,940 infections among new cases on Thursday. According to data provided by Johns Hopkins University, the total number of people infected with the virus in the country has exceeded 9 million, with at least 228,000 deaths.
Not only in the United States, but also in Europe, worries about the so-called “second wave” have reappeared. Germany, France, and Italy have adopted new lockdown measures to slow the spread of the virus.
European markets also fell on Friday, with the European STOXX 50 falling 0.6% and the broader STOXX Europe 600 index also falling.
|XOM||Exxon Mobil Corporation||32.65||-0.32||-0.97%|
|she was||Honeywell International Limited||162.03||-2.56||-1.56%|
Chevron, a Dow component company, said its quarterly revenue fell by more than 30% due to continued weakening of demand for oil. Rival Exxon Mobil (Exxon Mobil) also posted another quarterly loss.
Honeywell, which is also a member of the 30 Index, has also fallen after reporting quarterly revenue and earnings declines.
In addition, after revenue rebounded, Under Armour rose, and the company announced that it had sold the MyFitnessPal app. Private equity firms and Francisco Partners.
|UA||Armor company||12.76||+0.72||+ 5.98%|
|ABBV||ABBVIE INC.||85.01||+4.35||+ 5.40%|
|MO||ALTRIA GROUP INC.||36.01||-0.87||-2.36%|
Other notable gains on Friday included biotech companies Abbvie, Altria and Colgate-Palmolive.
Personal income increased by 0.9%, higher than the expected 0.3%, while expenditure increased by 1.4%, also exceeding expectations.
At 10 am, investors will have a final understanding of the consumer sentiment at the University of Michigan. Economists expect the final reading to be 81.2, slightly higher than the previous reading of 80.4.
Chicago PMI data will also be released on Friday, and traders expect a reading of 59, indicating that it is expanding.
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Crude oil futures rose 0.3% on Friday to 36.28 dollars a barrel, and fell nearly 4% on Thursday. Gold rose 0.4% to $1,876 per ounce.
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