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Wall Street falls as Fed action hits bank stocks, virus cases surge

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Futures tracking the S&P 500 were largely flat on Friday as investors digested a surprise quarterly loss for Nike and the Federal Reserve's move ...

REUTERS: Wall Street's major indexes dropped on Friday as the United States set a new record for a one-day increase in coronavirus cases and bank stocks tumbled after the Federal Reserve decided to cap shareholder payouts.

"States are rethinking the reopening and that's going to affect a lot of businesses," said David Yepez, lead equity analyst and portfolio manager at Exencial Wealth Advisors in Oklahoma. At 11:02 a.m. ET, the Dow Jones Industrial Average was down 532.55 points, or 2.07per cent, at 25,213.05, the S&P 500 was down 54.56 points, or 1.77per cent, at 3,029.20. The Nasdaq Composite was down 194.40 points, or 1.94per cent, at 9,822.61.

Gap Inc surged 31.4per cent after it entered into a 10-year deal with rapper and fashion designer Kanye West to create a Yeezy line of clothing.

 

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