The New York Stock Exchange is pictured in the Manhattan neighborhood of New York City, New York on October 2, 2020.
Carlo Allegri | Reuters
Dow futures, down more than 400 points on Friday, pointed to a drop of over 250 points on Wall Street Apple and other big technology stocks fell after the bell after winning. The record of new daily coronavirus cases in the US also held stocks on Friday, one day after Dow Jones industry average snapped a loss in four sessions. From Thursday, however, the Dow is approached 10% correction area and tracking for 6% weekly declines after the Dow fell 943 points on Wednesday.
Two Dow stocks reported gains on Friday morning: Honeywell and Chevron. Honeywell shares fell ahead of the market after industrial giant Friday beat third-quarter earnings and sales estimates. Chevron’s shares remained stable in the pre-market after US oil giant Friday posted a profit in the third quarter. Analysts had expected a loss. However, sales fell short of expectations.
- Apple recorded iPhone sales Slump 21% in the fourth quarter of the fiscal year, although the normal launch of new iPhones in September was delayed to October. Apple has exceeded its profit and sales estimates.
- Amazon forecast broad forecast for the fourth quarter, Approximately $ 4 billion worth of coronavirus costs are taken into account. Amazon reported better-than-expected earnings and sales than expected in the third quarter.
- Facebook warned of a “considerable uncertainty” for the next year. The social media giant topped third-quarter earnings and sales estimates.
Tech’s big winner: stocks of alphabet increased by over 6% in the pre-market after the Google parent downcast expectations for earnings and sales in the third quarter. There was strong advertising growth.
People wear face masks while visiting Union Square as the city continues its reopening efforts after restrictions were imposed in New York City on October 24, 2020 to slow the spread of the coronavirus.
Noam Galai | Getty Images
The recent surge in US coronavirus cases presses Total infections in the nation toward 9 million with at least 228,675 deaths. According to the Johns Hopkins University, new daily cases hit a record 88,521 on Thursday. The 7-day average of infections also reached an all-time high from 74,183, up 24% from a week ago.
Talks between Democrats and the White House about an additional Covid-19 stimulus package Thursday stalled five days before the November 3rd election. Thursday morning the government said the economy grew at the fastest pace ever 33.1% in the third quarter, which is the worst quarter in history due to the pandemic.
United States President Donald Trump makes a fist as he speaks at a rally at the Laughlin / Bullhead International Airport in Bullhead City, Arizona on October 28, 2020.
Jonathan Ernst | Reuters
U.S. Democratic presidential candidate and former Vice President Joe Biden speaks in Coconut Creek, Florida, United States on October 29, 2020.
Brian Snyder | Reuters
Biden continues to host less frequent, crowd-controlled events. On Friday he’s also in Minnesota and Iowa, a state that Trump won in 2016. Former Vice President has cared his lead in the polls. Unlike four years ago, the gap between the presidential candidates does not seem to be closing in the final days of the race. Trump’s path to re-election is still possible, however, as swing status polls reveal multiple states neck to neck.
A file photo of guns for sale in a WalMart store.
Walmart has removed guns and ammunition from retail spaces in stores displaying these items. citing “civil unrest” in the US, however, the retail giant will continue to sell the items. The move comes because of days of looting and violent demonstrations in Philadelphia following the fatal shooting of Walter Wallace Jr., a 27-year-old black man, by police on Monday. Walmart took firearms and ammunition from retail stores after police killed George Floyd in May.
– The Associated Press contributed to this report. Follow all developments on Wall Street in real time with CNBC’s live market blog.