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So much for this week’s rally: U.S. stocks erase gain on profit warnings

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‘Earnings continued to be a minefield’

U.S. stocks dropped as investors began May pondering profit warnings tied to the coronavirus and a ratcheting up of tension with China. The dollar rose as a risk-off mood prevailed.

The Dow Jones Industrial Average fell 617.09 points, or 2.53 per cent, to 23,728.63, the S&P 500 lost 81.13 points, or 2.79 per cent, to 2,831.3 and the Nasdaq Composite dropped 284.60 points, or 3.2 per cent, to 8,604.95. The TSX was down 160 point at 14,620. While the S&P 500 posted its best month since 1987 in April — spurred by a slowdown in coronavirus infections and $8 trillion in promised stimulus initiatives globally — earnings reports and economic data are serving a reminder of lasting pain. Amazon warned of a possible second-quarter loss, while Apple omitted an earnings forecast for the first time in more than a decade.

 

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