After some tech heavyweights came under pressure after the quarterly report, US stock market futures fell overnight on Thursday.
The Dow Jones Industrial Average futures fell 205 points. S&P 500 futures and Nasdaq 100 are also trading in negative territory.
Apple’s stock price fell more than 4% in after-hours trading after the tech giant reported a 16% decline in iPhone sales and failed to provide investors with any guidance for the next quarter. Amazon fell 1.5%, even though the e-commerce giant announced a blowout in the third quarter and made a major breakthrough in performance.
Wall Street rebounded slightly on Thursday due to the better-than-expected US gross domestic product (GDP) and rising unemployment. 30 Dow Jones stocks, the Dow Jones Industrial Average rose for five consecutive days, with a gain of more than 1
Despite this, the main average index is still on pace, setting its worst weekly performance in months. The Dow has fallen 5.9% so far, its worst week since March 20. The S&P 500 index has fallen 4.5% this week, its worst week since June 12.
As investors struggle to cope with the increase in new coronavirus cases in the United States and abroad, volatility remains high. The CBOE Volatility Index (VIX), also known as Wall Street’s “fear index”, hit a high of 41.2 on Thursday, the highest level since June 15.
Paul Christopher, head of global market strategy at Wells Fargo Bank, said in a report on Thursday: “The market turmoil before the election is not uncommon. It is caused by issues surrounding the election, COVID-19, and economic and income growth. “This indigestion caused the S&P 500 to fall.”
The Dow Jones and S&P 500 indexes will also lose money for the second consecutive month, as Wall Street ends a turbulent October. The average price of 30 stocks fell 4% this month, and the Standard & Poor’s 500 Index fell 1.5%. The Nasdaq index outperformed the broader market, rising only 0.2% over the same period.
After Google’s parent company announced quarterly results that exceeded Wall Street’s expectations, Alphabet’s stock rose more than 7% in after-hours trading. At the same time, Twitter fell more than 14% after social media companies reported lower-than-expected user growth.
subscription CNBC Professional Edition Provide exclusive insights and analysis, as well as real-time workday programming from around the world.