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Dow ends 2.5% lower on weak earnings, US-China tensions

  • 📰 The Straits Times
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NEW YORK (AFP) - Wall Street stocks tumbled on Friday (May 1) following disappointing results from Amazon, Exxon Mobil and other companies amid worries of increased tensions between China and the United States over blame for the coronavirus.. Read more at straitstimes.com.

NEW YORK - Wall Street stocks tumbled on Friday following disappointing results from Amazon, Exxon Mobil and other companies amid worries of increased tensions between China and the United States over blame for the coronavirus.The broad-based S&P 500 shed 2.8 per cent to 2,830.71, while the tech-rich Nasdaq Composite Index dropped 3.2 per cent to 8,604.95.

Amazon dove 7.6 per cent after the company cautioned that earnings in the second quarter would be entirely wiped out by expenses related to Covid-19 as it works to keep up with surging demand at a time when many brick-and-mortar stores are closed. Analysts also pointed to comments from US President Donald Trump claiming that the coronavirus originated in a Chinese lab.

 

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