Dow drops more than 600 points to start the new month, Amazon falls 7%
Stocks slumped on Friday as shares of Amazon led the major indexes lower on the month’s first day of trading. The Dow Jones Industrial Average fell 622.03 points, or 2.5%, to 23,723.69 as Dow Inc and Exxon Mobil each fell more than 7%. The S&P 500 dropped 2.8% to 2,830.71 with consumer staples and communications stocks leading the broad market index down. The Nasdaq Composite closed 3.2% lower at 8,604.95 as a host of big-tech names fell.
Tech titan Amazon led declining stocks on the week’s final day of trading with shares down 7.6% after announcing plans to spend all its second-quarter profits on its coronavirus response. The e-commerce behemoth also posted a first-quarter profit that missed analyst expectations.
Apple reported quarterly earnings that topped analyst expectations, but its revenue growth remained flat on a year-over-year basis. It also did not offer guidance for the quarter ending in June amid uncertainty over the coronavirus outbreak. The tech giant’s stock dropped 1.6%. Most of EU markets as well as BELEX were closed due to 1st May labor holiday.
Source: CNBC, Ilirika