Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex

News : Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Wall St tumbles as virus cases soar, stimulus hopes fade

10/26/2020 | 11:58am EST
FILE PHOTO: The Wall Street sign is pictured at the New York Stock exchange (NYSE) in the Manhattan borough of New York City

(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)

* Travel-related stocks fall as COVID-19 cases soar

* Hasbro falls after reporting quarterly results

* Oracle down as rival SAP scraps medium-term margin goals

* Indexes down: Dow 2.7%, S&P 2.1%, Nasdaq 1.75%

Oct 26 (Reuters) - U.S. stocks decline picked pace on Monday afternoon, setting the Dow for its worst day in more than seven weeks, as soaring coronavirus cases and a political deadlock over the fiscal relief bill raised doubts about the fate of the economy recovery.

New infections have touched record levels in the United States, with El Paso in Texas asking citizens to stay at home for the next two weeks. In Europe, Italy and Spain imposed new restrictions.

Travel-related stocks, vulnerable to COVID-19 related curbs, dropped. The S&P 1500 airlines index fell 5% and cruise line operators Carnival Corp and Royal Caribbean Cruises Ltd shed more than 9.5% each.

"People are nervous about the expansion in cases," said Christopher C. Grisanti, chief equity strategist, MAI Capital Management, Cleveland, Ohio.

"The administration has said it does not want to slow down the economy yet as cases rise they may not have a choice."

Energy index tracked a more than 3% fall in oil prices. Other economically-sensitive industrials and financials sectors posted the steepest percentage declines among S&P sectors. (O/R)

Meanwhile, chances of a fiscal stimulus before the presidential election faded as U.S. Treasury Secretary Steve Mnuchin said there were a number of areas in House Speaker Nancy Pelosi's plan that President Donald Trump cannot accept.

Wall Street's fear gauge hit a near seven-week high even as 60 million Americans voted in a record breaking early turnout as Trump and his Democratic challenger Joe Biden enter their final week of campaigning.

It is also one of the busiest weeks of the third-quarter earnings season that will see results from mega-cap U.S. tech firms including Apple Inc, Amazon.com Inc, Google-parent Alphabet Inc and Facebook Inc.

The tech sector, which includes Apple, is among the only three sectors apart from healthcare and consumer staples that is expected to post an increase in profit compared to a year earlier.

Of the 139 companies in the S&P 500 that have reported earnings so far, 83.5% of them have beaten Wall Street expectations, according to Refinitiv data.

At 12:30 p.m. ET, the Dow Jones Industrial Average fell 767.14 points or 2.68% to 27,577.43, the S&P 500 lost 73.59 points or 2.11% to 3,392.13 and the Nasdaq Composite lost 201.99 points, or 1.75% to 11,347.51.

Software company Oracle Corp fell about 4% after German rival SAP abandoned medium-term profitability targets and warned of a longer than expected recovery time from the pandemic hit.

Hasbro Inc tumbled 10% as quarterly adjusted revenue fell due to coronavirus-led delays in the production of movies and TV shows.

Companies deemed stay-at-home winners including Amazon.com Inc, Zoom Video Communications Inc and video game companies Activision Blizzard Inc and Take-Two Interactive Software Inc rose between 2.2% and 0.3%.

Declining issues outnumbered advancers for a 7.91-to-1 ratio on the NYSE and for a 5.00-to-1 ratio on the Nasdaq.

The S&P index recorded three new 52-week highs and two new lows, while the Nasdaq recorded 24 new highs and 38 new lows. (Reporting by Medha Singh and Shivani Kumaresan in Bengaluru; Editing by Arun Koyyur)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ACTIVISION BLIZZARD, INC. -0.57% 75.4711 Delayed Quote.27.77%
ALPHABET INC. 2.04% 1762.66 Delayed Quote.28.98%
AMAZON.COM, INC. 0.67% 3119.2 Delayed Quote.67.68%
APPLE INC. 1.42% 115.4312 Delayed Quote.59.84%
DJ INDUSTRIAL 1.56% 30049.76 Delayed Quote.2.54%
FACEBOOK INC 3.37% 277.45 Delayed Quote.30.78%
HASBRO, INC. 0.22% 92.7 Delayed Quote.-12.30%
NASDAQ 100 1.47% 12079.332349 Delayed Quote.36.33%
NASDAQ COMP. 1.34% 12038.500231 Delayed Quote.32.12%
S&P 500 1.65% 3636 Delayed Quote.10.73%
SAP SE -0.95% 97.35 Delayed Quote.-18.32%
TAKE-TWO INTERACTIVE SOFTWARE, INC. -0.49% 170.22 Delayed Quote.38.90%
ZOOM VIDEO COMMUNICATIONS, INC. -1.20% 424.98 Delayed Quote.532.39%
Latest news "Economy & Forex"
03:47pRBNZ : New Zealand's Economy Relatively Resilient to Pandemic Shock
DJ
03:44pCDC may soon shorten COVID-19 quarantine period
RE
03:43pAXCIENT : MSP Expands Backup Offers while Saving with Axcient Direct-to-Cloud
PU
03:41pBENGAL ENERGY : Announces Fiscal 2021 Second Quarter Results
PU
03:38pFederal communications commission denies zte petition for reconsideration of u.s. designation of company as national security threat
RE
03:35pCATTLE ON FEED REPORT : Higher Inventory, Lower Placements
PU
03:30pOil closes at highest level since March on vaccine trials, Biden transition
RE
03:29pC$ climbs to two-week high as Biden transition boosts Wall Street
RE
03:27pBrazil faces $112 bln refinancing cliff in early 2021
RE
03:23pDollar dips as Biden transition, vaccines boost risk appetite
RE
Latest news "Economy & Forex"