Global stocks collapse as COVID-19 smashes big tech, oil earnings

Global stocks collapse as COVID-19 smashes big tech, oil earnings

On the first trading day of the month, investors pushed into sell mode because Big oil and Big Tech showed a threat that the Coronavirus epidemic is crushing their businesses during their quarterly revenue updates.

Ticker                Security                       Last               Change              Change %
I:COMP             NASDAQ COMPOSITE   8604.947891    -284.60             -3.20%
SP500              S&P 500                      2830.71            -81.72              -2.81%
I:DJI               DOW JONES AVERAGES   23723.69       -622.03               -2.56%

 

2.5 percent or 622 points dropped by Dow Jones Industrial Average, on the other side, Nasdaq Composite down by 3.2 percent and the S&P 500 tumbled 2.81 percent. The incident arrived just a day after when both the S&P 500 and Dow wrapped up their most powerful month in over thirty-three years.

The FDA accepted Gilead’s remdisivir for emergency use to cure coronavirus, on Friday afternoon. The news was reported with CEO Dan O’Day and President Donald Trump at White House by the Commissioner of FDA Stephen M. Hahn, M.D, and Human Health Services Secretary Alex Azar.

The coronavirus epidemic had upset thousands of industries, including tech companies from Apple to Amazon, Chevron, and Exxon Mobil, all explaining the impacts of the pandemic.

Administration of President Trump is considering a big array of choices, including import-export taxes, to contain China accountable for the economic damage and health issues created by the virus.

Global stocks collapse as COVID-19 smashes big tech, oil market

On Thursday, President Trump said to reporters that we have made a deal where they are supposed to purchase, and they have been purchasing a lot. But currently, that becomes secondary to what has taken place with the virus. Moreover, he added that the Coronavirus condition is not acceptable.

Amazon’s stocks

While taking a look at stocks, Amazon claimed that its sales rise twenty-six percent in the first quarter because their clients are ordering more stuff from their platform due to staying at home orders amid COVID-19.

Ticker                         Security                  Last                Change            Change %
APPLE INC.               APPLE INC.               289.07            -4.73                         1.61%
AMZN                      AMAZON.COM INC.     2,286.04         -187.96                     7.60%

 

Apple beat on both the bottom and top lines because robust development in the firm’s services business offered a boost, and store shutters were down all around the globe. Furthermore, Tim Cook, CEO of the company, said that the firm couldn’t offer a forecast due to inconsistency created by the pandemic.

Exxon took 2.9 billion dollars, consequently as a loss of 610 million dollars because of stay at home orders to control the Coronavirus pandemic that generated a steep downfall in demand.

Boeing plane maker firm will not be looking for government aid levitation of 25 billion dollars through the 7-part link offering. Earlier this week, Boeing claimed 641 million dollars quarterly drop, which is directly linked to the Coronavirus epidemic and even the grounding of MAX-737 flight.

Oil earnings

West Texas Intermediate (WTI) crude ramps up 4.99% at 19.78 dollars per barrel because production cuts by the world’s leading oil producers are going to set on Friday.

United States Treasury higher and pushing the productivity on the 10 years note down by 0.641%. Furthermore, in Europe, FTSE of British down by 2.34% while most of the primary indexes were finished for the May Day holiday. While talking about Asia, China’s Shanghai Composite Hang Seng of Hong Kong were shut, and Nikkei Of Japan shed 2.84%.

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