Dow dives almost 300 points

Dow dives almost 300 points

On Friday, the Dow headed south, neglecting data disclosing everlasting American economic surge because high-flying tech firms were punished in the wake of dismal reports from Amazon and Google.    

As a matter of fact, the Dow Jones Industrial Average sank nearly 1.19%. Additionally, the S&P 500 went down by 1.73%. Meanwhile, the Nasdaq Composite sank by 2.07%.

Market participants grappled with crazy swings on Wall Street against the backdrop of strengthening fears of American corporates getting closer to peak revenue surge after tech heavyweights Amazon and Google delivered dismal quarterly reports and indicated a softer patch of surge for the fourth quarter.

Furthermore, Alphabet sank by 1.80% after it reported third-quarter gains, which fell short of expectations. Moreover, Amazon managed to decrease by 8% because its third-quarter gain fell short too. At the same time, its weaker-than-anticipated guidance for the key holiday season backed fears.

The S&P 500 tech sector concluded 2% down. Apart from that, the communication services sector, including Alphabet, Facebook and Netflix dipped by 2%.

The couple of dismal reports managed to overshadow data revealing that the American economy added 3.5% in the third quarter. That’s above analysts’ estimates for a 3.3% surge. However, experts told that a deeper insight into the data disclosed signs of a probable deceleration.

Building-products companies found themselves under pressure too, led by a more-than-20% tumble in equities of Mohawk Industries right after its third-quarter revenue came up short of predictions, while fourth-quarter revenue per share guidance of $2.45 to $2.60 turned out to be almost 30% below the consensus forecast at the midpoint.

The equities of Fortune Brands Home & Security, Johnson Controls International and Masco Corporation headed south too.

Besides this, Tesla rebounded from session maximums, although it still managed to come up with a 5% leap.

 

 

 

Similar

Apple event surprised traders
Apple event surprised traders

Every year in early autumn Apple holds its event where it presents new iPhones, Apple Watches, and iPads. This year wasn’t an exclusion. But yesterday’s presentation didn’t result in Apple stock growth, and here’s why.

Latest news

No More US Debts in Sight
No More US Debts in Sight

The first day of June should’ve brought us the US default. Unsurprisingly, the US House passes the debt ceiling bill at the latest possible moment.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera