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The Dow, the New York Stock Exchange, collapsed more than 900 points last night (October 28), pressured by concerns of the coronavirus outbreak. It will cause countries to announce lockdown measures This will affect the global economy. Investors are also concerned about the uncertainty of the US election results. And delays in the issuance of US economic stimulus measures.
The Dow Jones Industrial Average closed at 26,519.95, down 943.24 or -3.43%, while the S & P500 closed at 3,271.03, down 119.65 or -3.53%, while the Nasdaq closed at 11,004.87, down 426.48 or -3.73%.
Concerns about the economic impact of the COVID-19 outbreak continues to affect the trading atmosphere on the New York Stock Exchange. Because of the situation in the United States. The latest Worldometer data indicates that the United States currently has 9,039,170 COVID-19 cases and 232,101 deaths, the highest in the world in both number of cases and deaths.
The governments of Germany and France have announced that they have raised the bar on measures to prevent the spread of COVID-19. After discovering that the death rate from COVID-19 across Europe increased by almost 40% in a week, and the World Health Organization (WHO) said the number of people infected with COVID-19 More than 1.3 million new European cases in the last seven days, which represents almost half of the 2.9 million worldwide. And more than 11,700 deaths, a 37% increase from the previous week.
Stocks by airlines, hotel groups and cruise ships fell due to concerns about a new epidemic. United Airlines shares fell 4.59 percent; American Airlines shares fell 2.49 percent; Delta Air Lines shares fell 3.42 percent; Royal Caribbean Cruises fell 7.42 percent; Carnival Corp’s stock fell 10.61 percent. International was down 3.7 percent; Hyatt Hotels Corporation shares fell 3.1 percent; Hilton Worldwide Holdings shares fell 4.16 percent.
Energy shares fell after WTI crude plunged more than 5 percent overnight, with ExxonMobil shares falling 3.81 percent; Chevron shares fell 3.78 percent; Occidental Petroleum’s shares fell 4.2 percent. Noco Phillips plummets 4.8%.
Tech stocks fell before giants like Apple and Facebook posted earnings today. Shares of Amazon.com fell 3.76 percent, Shares of Apple fell 4.63 percent, Shares of Facebook fell 5.5 percent, Shares of Alphabet fell 5.5 percent.
Microsoft shares fell 4.96 percent as investors worried about Microsoft’s earnings outlook. After the company released its 2Q2021 earnings forecast that were lower than analysts’ expectations. Although earnings and revenue for the first quarter of 2021 ending September 30, 2020 will be higher than expected.
Boeing shares fell 4.57 percent after the company suffered four consecutive quarters of losses due to the COVID-19 outbreak. Resulting in a slowdown in aircraft production Including the 737 MAX aircraft that is still banned from flying. After two aircraft of the model crashed in 2018, killing a total of 346 people.
The market has also come under pressure from delays in issuing a new round of stimulus in the US Recently, President Donald Trump has admitted. The United States may not be able to publish stimulus measures before the November 3 presidential election, as the White House did not coordinate divergent views with Republicans in the Senate. And Democrats in Congress
Investors are also concerned about the uncertainty of the results of the US presidential elections. Investors were concerned that Joe Biden would win the election. Maybe “Blue Wave” or “Blue Wave”, a situation in which the Democrats have absolute power in Congress. While the other investors worried that if President Trump is going to win another election he could keep the trade dispute between the United States and China going.
Investors are on the lookout for US economic data released this week, including weekly jobless claims, Q3 2020 gross domestic product (GDP) (preliminary estimates) and pending home sales contracts. (pending home sales) September, the Personal Consumer Price Index (PCE) for September and the Consumer Confidence Index for October.
