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Top tech companies like Facebook and Amazon delivered above-expected results in their third-quarter reports. However, its shares fell despite this, dragging the New York Stock Exchange into the worst week since March.
The Dow Jones Industrial Average (INDU) fell 6.5 percent during the week, the broader S&P 500 (SPX) fell 5.6 percent during the same period, and the Nasdag Composite (COMP), which includes the Most tech companies fell 5.5 percent the same week. . This became clear when the stock exchanges closed on Friday, reports CNN.
Worst since march
The stock market hasn’t had such a black week since the March crash during the first wave of the pandemic and all the closings.
“Although we had relatively strong technology reports, there has been ongoing concern about uncertainty with the elections and the growing number of virus cases has once again linked control,” Ryan Detrick, senior marketing strategist at LPL Financial, told Reuters, quoted by Dagens industri.
– The reports weren’t that tedious, but the market has priced the technology as if it were perfect and then even a single fly, maybe even a banana fly, in the salve can generate sales, says Yousef Abbasi, marketing strategist Global StoneX, according to Di.
