Dow down 222 points as softer earnings, surge in infections bite; European markets close lower as investors digest virus and earnings news; BELEX15 up 0.68%
The Dow slipped Tuesday, led by a slump industrial heavyweights like Caterpillar and 3M following quarterly results and renewed concerns about the impact of a surge in Covid-19 infections on the economy. The Dow Jones Industrial Average fell 0.80%, or 222 points. The S&P 500 was down 0.30%, while the Nasdaq Composite added 0.64%.
Pfizer Inc (NYSE:PFE), another drug maker in the race to find a vaccine, fell 1% as weaker-than-expected third-quarter sales and news that results from its Covid-19 vaccine trial is unlikely to be released before the U.S. election weighed on sentiment.
AMD (NASDAQ:AMD) reported better-than-expected third-quarter results thanks to higher demand for its PC, gaming and data center products. The company also confirmed its $31 billion acquisition of Xilinx (NASDAQ:XLNX).
European stocks closed lower Tuesday as investors continued to monitor the rapid spread of the coronavirus across the continent and digested a fresh round of major corporate earnings.
The pan-European Stoxx 600 closed 0.8% provisionally, with oil and gas stocks shedding more than 2% to lead losses. Tech shares struggled to come back from their 7.4% plunge on Monday, down around 0.2% by Tuesday’s close.
France’s Ubisoft, rose over 4% after announcing a rebrand of its game subscription service and integrations with Google and Amazon’s respective cloud gaming platforms.
Oil major BP reported a third-quarter underlying replacement cost profit, used as a proxy for net profit, of $100 million, compared with a loss of $6.7 billion in the second quarter and $2.3 billion profit for the third quarter of 2019. BP stock reversed course to trade 2% lower by the close.
HSBC’s London-listed shares added more than 3% following its convincing third-quarter profit beat.
BELEX15 gained 0.68% as NIS added 0.9%, while Komercijana was up 1.7%. Tehnogas was a top gainer among bigger names, with 3.8% stock jump. The most active name was Jedinstvo Sevojno, with RSD 3.7m in volume.
Source: CNBC, Ilirika