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Wall Street Slides Despite Upbeat Earnings Results

Wall Street indexes dropped on Friday, as the ongoing Wuhan coronavirus pandemic, which hurts travel and trade sectors and weighs on estimates for global economic growth.

A busy week for U.S. corporate earnings was also the limelight for investors. securities soared by 9.37 percent after disclosing solid quarterly results after Thursday’s session close, limiting losses for the tech-heavy Nasdaq indicator.

chevron shares declinePhoto: Reuters

The Dow Jones eased by 1.15 percent, to 7,296, the S&P 500 lost 1.08 percent, to 13,015 and the Nasdaq Composite decreased by 1.00 percent, to 5,812 at 1545 GMT.

Meantime, Beijing has reported over 9,600 cases of coronavirus infection, while the death toll has reached 213.

Recall, the U.S. stock markets rebound on Thursday just after the World Health Organization (WHO) declared the newly-appeared virus outbreak a global emergency, with analysts considering the recovery on the back of the body’s comments not to limit travel and trade with China.

Here are stocks, which were in focus on Friday:

Shares of surged by 9.29 percent after the e-commerce heavyweight reported refreshed earnings rise during the holiday quarter.

Caterpillar market capitalization eased by 0.75 percent after company fell short on weak sales and outlook downbeat, but exceeded a Q4 profit results. Shares were dropping by 2 percent in early trade.

Chevron securities went down by 3.50 percent after oil company missed Wall Street estimates.

The shares of IBM rose by 4.28 percent on Friday on news of some management change.

Source: Marketwatch


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