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Home / Business / U.S. stocks fell to their worst week since March, and prospects for large technology stocks disappointed traders

U.S. stocks fell to their worst week since March, and prospects for large technology stocks disappointed traders



New York Stock Exchange
  • On Friday, the U.S. stock market was sold off as the earnings of large technology stocks could not satisfy investors’ demand for future growth.
  • Alphabet, Amazon, Apple and Facebook announced quarterly earnings on Thursday, most of which exceeded expectations, but the uncertain growth prospects and uncertainty caused technology stocks to plummet.
  • Most importantly, the United States hit a record high in the daily COVID-1
    9 cases on Thursday, reporting approximately 90,000 new cases.
  • Watch the main index update in real time here.

As investors digested the quarterly earnings reports of large technology companies Facebook, Alphabet, Amazon and Apple, the US stock market closed down on Friday.

Although all four technology companies exceeded their expected earnings, the mild and uncertain growth prospects caused Amazon, Apple and Facebook to fall sharply. Only Alphabet traded higher on Friday.

Most importantly, COVID-19 is still the top priority for investors-according to the New York Times, the US’s daily trading volume on Thursday hit a record high, with approximately 90,000 new cases reported.

The Standard & Poor’s 500 Index fell 5.6%, while the Dow Jones Industrial Average fell 6.5% in five days. These two indicators are the worst weekly declines since the March pandemic.

This is the U.S. index closing Friday at 4pm Eastern Time:

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In the area of ​​earnings, Alphabet’s third-quarter report easily exceeded analyst expectations, and its stock price soared 8%. After Twitter’s earnings report showed a significant drop in daily active users, Twitter plummeted.

Apple exceeded expectations, but iPhone revenue fell sharply and there was no forward-looking guidance, resulting in a drop in stock prices. Amazon’s earnings expectations exceeded expectations, but the lower-than-expected fourth-quarter profit outlook caused its stock to sell off. After its earnings report showed a decline in US users, Facebook sold as much as 7% of its stock.

The following is what Wall Street analysts say about Apple, Amazon and Alphabet earnings reports.

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Ant Group’s highly anticipated initial public offering will be the largest ever, and its upcoming stocks have attracted $3 trillion in retail bids.

On Friday, the price of gold trading rose 1.2% to $1,889.81 per ounce.

Oil prices fell. West Texas Intermediate crude oil fell as much as 2.7% to $35.21 per barrel. Oil’s international benchmark Brent crude fell 2.3% to $36.80 per barrel, an intraday low.

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