Stocks on Wall Street closed broadly lower Friday after Amazon and other big companies reported disappointing results, the latest evidence of how the coronavirus outbreak is hobbling the economy and hurting corporate earnings.
Amazon sank 7.6% after it reported quarterly profit that fell short of Wall Street’s forecasts. A sharp increase in costs related to providing deliveries safely during the pandemic outweighed a big increase in revenue. Amazon’s movements have an outsized sway on the S&P 500 because the e-commerce giant is the third-largest company in the index.“We all had these great expectations for Amazon,” said J.J. Kinahan, chief strategist with TD Ameritrade.
The slide by Exxon Mobil helped drive energy stocks across the S&P 500 to a 6% loss, the largest among the 11 sectors that make up the index.Wall Street has been bracing for a poor showing by companies this earnings season because of the economic shock from the coronavirus. Many companies have pulled their earnings guidance for the rest of the year, citing uncertainty about how much of an effect the outbreak will have on their business and the economy, which is now in a recession.
Shares of electric car and solar panel maker Tesla Inc. dropped 10.3% on Friday after Chief Executive Elon Musk tweeted that the price was too high. In a series of tweets, Musk said he was selling nearly all of his physical possessions and would not own a house. Then he wrote that “Tesla stock price is too high imo.” After that he tweeted that people should be given back their freedom, in another protest of government stay-home orders to slow the spread of coronavirus.
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To the ncs
Welcome to California. A state where we release sex offenders because they are sick and arrest the people who go to the beach !
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