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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Microsoft Corporation    MSFT

MICROSOFT CORPORATION

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Wall St ends down after Mnuchin dims stimulus hopes

10/14/2020 | 04:08pm EST
The front facade  of the of the NYSE is seen in New York

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Goldman Sachs rises as profit nearly doubles

* Wells Fargo, Bank of America drop after results

* Indexes: Dow -0.58%, S&P 500 -0.66%, Nasdaq -0.80%

Oct 14 (Reuters) - Wall Street finished weaker on Wednesday, led lower by Amazon and Microsoft, as investors lost hope that a U.S. fiscal stimulus would be approved before the presidential election in November.

Downbeat comments from Treasury Secretary Steven Mnuchin that a deal would not likely be made before the vote added to fragile sentiment following a mixed bag of quarterly earnings reports from major Wall Street lenders.

"At this point getting something done before the election and executing on that would be difficult, just given where we are and the level of detail, but we're going to try to continue to work through these issues," Mnuchin said at a conference sponsored by the Milken Institute.

U.S. stocks had rallied in recent sessions on optimism that the government would provide a fresh stimulus to reduce damage caused by the coronavirus pandemic.

“Optimism took hold like a rocket last week and now it’s coming back down to earth a little bit,” said Mike Zigmont, head of trading and research at Harvest Volatility Management in New York. "I think a stimulus as a large macro event is already baked into stock prices. It's just a question of when the details emerge and when the stimulus goes into effect."

Amazon dropped 2.3% and Microsoft lost 0.9%, both weighing more than any other stocks on the S&P 500.

The Dow Jones Industrial Average fell 0.58% to end at 28,514 points, while the S&P 500 lost 0.66% to 3,488.67.

The Nasdaq Composite dropped 0.8% to 11,768.73.

Bank of America fell 5.3% and Wells Fargo tumbled 6% after a disappointing quarterly results.

That left the S&P 500 banks index 2.4% lower.

Third-quarter earnings season is getting underway, with signs of overall improvement in expectations of how badly U.S. companies have been hurt by the pandemic. Analysts expect earnings to fall 19% from a year earlier, according to Refinitiv IBES data, versus a 25% drop forecast on July 1.

Markets have also begun to digest the prospect of a Democratic victory, strategists and fund managers said.

While many investors view Democratic candidate Joe Biden as more likely to raise taxes, they are increasingly pointing to potential benefits of a Biden presidency, such as greater infrastructure spending and less global trade uncertainty.

UnitedHealth Group Inc dropped 2.9%, despite raising its profit forecast, as the U.S. insurer said it was difficult to predict the fallout of the pandemic on earnings.

Declining issues outnumbered advancing ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.95-to-1 ratio favored decliners.

The S&P 500 posted 23 new 52-week highs and no new lows; the Nasdaq Composite recorded 109 new highs and 14 new lows.

Volume on U.S. exchanges was 8.2 billion shares, compared with the 9.6 billion average over the last 20 trading days. (Additional reporting by Medha Singh and Shivani Kumaresan in Bengaluru Editing by Marguerita Choy)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -0.03% 3098.39 Delayed Quote.67.73%
DJ INDUSTRIAL 1.12% 29591.27 Delayed Quote.2.54%
MICROSOFT CORPORATION -0.13% 210.11 Delayed Quote.33.41%
NASDAQ 100 0.00% 11905.941438 Delayed Quote.36.34%
NASDAQ COMP. 0.22% 11880.633754 Delayed Quote.32.12%
S&P 500 0.56% 3577.59 Delayed Quote.10.11%
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Financials (USD)
Sales 2021 158 B - -
Net income 2021 51 336 M - -
Net cash 2021 76 102 M - -
P/E ratio 2021 31,1x
Yield 2021 1,04%
Capitalization 1 589 B 1 589 B -
EV / Sales 2021 9,57x
EV / Sales 2022 8,54x
Nbr of Employees 163 000
Free-Float 99,9%
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Technical analysis trends MICROSOFT CORPORATION
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Mean consensus BUY
Number of Analysts 38
Average target price 242,24 $
Last Close Price 210,11 $
Spread / Highest target 32,3%
Spread / Average Target 15,3%
Spread / Lowest Target -14,3%
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Managers
NameTitle
Satya Nadella Chief Executive Officer & Non-Independent Director
Bradford L. Smith President & Chief Legal Officer
John Wendell Thompson Independent Chairman
Kirk Koenigsbauer COO & VP-Experiences & Devices Group
Amy E. Hood Chief Financial Officer & Executive Vice President
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