Big tech paces stock drop, along with Exxon Mobil - Fox Business

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Stocks resumed their march downward after a brief reprieve on Thursday, as concerns about coronavirus lockdowns and worries over quarterly results from tech giants dampened sentiment.

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The Nasdaq Composite fell over 0.79%, while the S&P 500 dipped over 0.3% and Dow Jones Industrial Average slipped by the same amount or over 100 points.

U.S. stocks are on pace to post the worst month since March.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	26250.84	-408.27	-1.53%
I:COMP	NASDAQ COMPOSITE INDEX	10906.695599	-278.90	-2.49%
AAPL	APPLE INC.	108.86	-6.46	-5.60%
AMZN	AMAZON.COM INC.	3,082.78	-128.22	-3.99%
FB	FACEBOOK INC.	263.80	-17.03	-6.06%

TECH SELL-OFF

Ticker	Security	Last	Change	Change %
GOOGL	ALPHABET INC.	1,626.46	+69.58	+4.47%
TWTR	TWITTER INC.	42.08	-10.38	-19.78%

Despite better-than-expected results from the Big Tech companies — Amazon, Google parent Alphabet, Facebook, Apple and Twitter — concerns about COVID-19's effects on the global economy resulted in sharp declines for all, save for Alphabet, whose shares rose  in early Friday trading.

Apple, which tumbled, said its subscription bundle, Apple One, would launch Friday, according to Chief Financial Officer Luca Maestri, as it increasingly focuses on services to boost revenue.

COVID-19 CONCERNS

COVID-19 cases continue to rise, with the U.S. topping its single-day high in new cases Thursday at 89,940 infections. The total number of people in the country infected by the virus has topped 9 million, with at least 228,000 deaths attributed to it, according to data provided by Johns Hopkins University.

Concerns of a so-called "second wave" have reemerged not only in the U.S. but in Europe as well, with Germany, France and Italy putting in fresh lockdown measures to slow the spread of the virus.

European markets were also lower Friday, with the Euro STOXX 50 declining by 0.6% and the broader STOXX Europe 600 index also lower.

EARNINGS BARRAGE

Ticker	Security	Last	Change	Change %
CVX	CHEVRON CORP.	69.36	+0.50	+0.73%
XOM	EXXON MOBIL CORPORATION	32.42	-0.55	-1.67%
HON	HONEYWELL INTERNATIONAL INC.	163.30	-1.29	-0.78%

Dow component Chevron said its quarterly revenue fell more than 30%, as demand for oil continued to wane. Rival Exxon Mobil also posted another quarterly loss.

Honeywell, another member of the 30-stock index, fell after it also reported quarterly drops in revenue and earnings.

Additionally, Under Armour rallied after revenue rebounded and the company announced it has sold its MyFitnessPal app. to private equity firm to Francisco Partners.

Ticker	Security	Last	Change	Change %
UA	UNDER ARMOUR INC	12.43	+0.39	+3.24%

Ticker	Security	Last	Change	Change %
ABBV	ABBVIE INC.	85.36	+4.71	+5.83%
MO	ALTRIA GROUP INC.	36.14	-0.74	-2.01%
CL	COLGATE-PALMOLIVE CO.	78.77	+2.06	+2.69%

Other notable earnings on Friday included biotech firm Abbvie, Altria and Colgate-Palmolive.

ECONOMIC REPORTS

Personal income rose 0.9%, compared to expectations of 0.3%, while spending rose 1.4%, also ahead of expectations.

At 10 a.m., investors will get the final look at consumer sentiment from the University of Michigan, with economists forecasting a final reading of 81.2, slightly higher than the previous reading of 80.4.

Chicago PMI data will also be released Friday, with traders looking for a reading of 59, indicating expansion.

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Crude oil contracts were up 0.3% on Friday, trading at $36.28 a barrel, after falling nearly 4% Thursday. Gold ticked up 0.4% to $1,876 an ounce.

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Big tech paces stock drop, along with Exxon Mobil - Fox Business
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