US stocks tumble amid mega-cap tech growth concerns after earnings
- US stocks tumbled on Friday after mega-cap tech earnings results didn't satisfy investor demand for future growth.
- Alphabet, Amazon, Apple, and Facebook reported quarterly earnings on Thursday that mostly beat estimates.
- The US hit an all-time high in daily COVID-19 cases on Thursday, reporting about 90,000 new cases.
- Watch major indexes update live here.
US stocks fell on Friday as investors digested quarterly earnings reports from the mega-cap tech companies Facebook, Alphabet, Amazon, and Apple.
All four tech companies beat earnings estimates, but only Alphabet traded higher on Friday.
COVID-19 is still top of mind for investors — the US hit an all-time high in daily cases on Thursday, reporting about 90,000 new cases, according to The New York Times.
Here's where US indexes stood shortly after the 9:30 a.m. ET open on Friday:
- S&P 500: 3,290.82, down 0.6%
- Dow Jones industrial average: 26,542.55, down 0.4% (119 points)
- Nasdaq composite: 11,049.88, down 1.2%
Alphabet's third-quarter report easily surpassed analysts' estimates, and shares surged as much as 8%. Twitter slumped after its earnings report revealed a significant drop in daily active users.
Ant Group's highly anticipated initial public offering, set to be the biggest ever, attracted $3 trillion in retail bids for its soon-to-be-listed shares.
Gold traded higher on Friday, rising as much as 1.2%, to $1,889.81 per ounce.
Oil prices fell. West Texas Intermediate crude fell as much as 2.3%, to $35.35 per barrel. Brent crude, oil's international benchmark, slipped 2.3%, to $36.80 per barrel, at intraday lows.