Tech retreat drives stock market to another losing month

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Tech retreat drives stock market to another losing month
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Unconvincing earnings reports for Apple, Facebook and Microsoft helped lead the stock market to its second consecutive month of losses.

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to provide more support for the economy and uncertainty surrounding the upcoming presidential election.

Apple dropped 6.4% after investors focused on weaker revenue than expected for its iPhones and sales in China. Amazon fell 5.7%, and Facebook lost 7.7%. Analysts say that’s an indication that expectations may have built too high through the market’s big rally and that investors’ attention may simply be elsewhere given all the uncertainties sweeping the market.

Meanwhile, Washington has been unable to deliver more aid to the economy. That’s despite investors and economists saying it’s sorely needed after the expiration of supplemental benefits for laid-off workers and other stimulus approved by Congress earlier this year.

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