Tech stocks drag on markets as U.S.-China relations sour

Tech stocks drag on markets as U.S.-China relations sour

Each of the three indexes also had declines for the week, with the Dow dropping 0.24%, the S&P 500 dropping 0.28% and tech-heavy Nasdaq dropping 1.33%.

The Dow Jones Industrial Average dropped 0.68%, the S&P 500 fell by 0.62% and the Nasdaq Composite lost almost 1% Friday.

The Nasdaq composite lost 244.71 points, or 2.3%, to 10,461.42.

Other stock indexes around the world were mixed, while uncertainty across markets helped gold touch its highest price in almost nine years. Last week, the count rose by 109,000 to a little more than 1.4 million.

Investors remained cautious amid a continued spike in coronavirus infections in the United States and they were also anxious about U.S.

Of the 113 S&P 500 companies that have reported quarterly results, 80.5% of them have beaten dramatically lowered profit estimates, according to IBES Refinitiv data.

But with the rise come greater expectations, and analysts pointed to a 47% growth rate reported for Microsoft's Azure cloud business during the quarter. That fell short of analysts' forecast.

The bellwether S&P 500 slid more than 1%, snapping a four-day winning streak with its biggest daily percentage drop since June 26.

Blake Shelton states being accountable for Gwen Stefani’s kids is "scary"
On Saturday, Blake hosts a one-night-only drive-in concert that will be broadcast at theaters around the US and Canada. That wasn't the first time Stefani praised Shelton's parenting abilities.

Intel shares plunged more than 16 percent, leading the laggards in the Dow. Shares of Facebook and Apple dropped more than 4 percent and 3.8 percent, respectively.

Optimism about a potential coronavirus vaccine and fiscal stimulus package had helped the benchmark S&P 500 recoup all of its losses for the year.

The Russell 2000 and the S&P Smallcap 600, both small cap indexes, outperformed the broader market. Eastern time, and the Nasdaq composite was down 0.5%. Even within the S&P 500, 44% of stocks rose.

Republicans in the Senate were set to unveil their proposals for a $1-trillion COVID-19 rescue package Thursday morning, but that got delayed.

Helping to lift stocks have been several reports on the economy and corporate profits that showed improvements from the spring and were better than expected. That's layered on top of massive aid for the economy promised by the Federal Reserve, including almost zero interest rates.

The Final Word: Relations between the United States and China have deteriorated under President Trump, who adopted an "America First" policy in 2016.

(MENAFN - Baystreet.ca) Stocks fell on Friday, adding to a sharp decline from the previous session, as tensions between the USA and China keep rising and tech shares struggled once again.

The yield on the 10-year Treasury held steady at 0.58%. It tends to move with investors' expectations for the economy and inflation. The precious metal settled at $1,897.50 per ounce. Brent crude, the worldwide standard, gained 3 cents to $43.34 per barrel. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes.

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