US stocks open lower amid anxiety over Covid-19, election

Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.
Democrats and Republicans in Washington are in the final two weeks of negotiations before the November 3 presidential election on new spending measures to boost the US economy after the coronavirus pandemic caused grievous damage earlier in the year.
Bloomberg Creative

Wall Street stocks resumed their downward trend Friday on worries about rising coronavirus cases and the upcoming US presidential election.

The drop also followed a trove of earnings from technology heavyweights such as Amazon, Apple and Facebook. Most of the tech giants fell early Friday despite solid results.

About 25 minutes into trading, the Dow Jones Industrial Average was down 0.8% at 26 458.96.

The broad-based S&P 500 shed 0.9% to 3 280.44, while the tech-rich Nasdaq Composite Index tumbled 1.6% to 11 008.33.

Analysts cited worries about rising coronavirus cases in the US in the wake of renewed lockdown announcements in Europe, including in France and England.

Another source of angst is the US presidential election. While Democratic challenger Joe Biden leads in most polls, some key states remain very close and President Donald Trump has hinted he may contest the results if the vote count goes against him.

The pullback follows earnings from Apple, Amazon, Facebook and Google-parent Alphabet, four of the biggest equities. Three of the four companies reported higher profits, but only Alphabet's share rose early Friday.

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