Stock market today: Wall Street slips to extend weeks of losses
Wall Street is slipping amid the latest batch of corporate earnings from big technology companies and some mixed readings on the U.S. economy
NEW YORK — Wall Street slipping Friday following the latest batch of corporate earnings and some mixed readings on the U.S. economy.
The S&P 500 was 0.6% lower in afternoon trading, coming off its ninth loss in 11 days and its lowest level in five months. The Dow Jones Industrial Average was down 339 points, or 1%, as of 1:56 p.m. Eastern time, and the Nasdaq composite was 0.2% higher.
Stocks have struggled recently for a couple reasons: Several Big Tech stocks tanked following profit reports for the summer, and rising Treasury yields in the bond market tightened their vise on Wall Street.
The S&P 500 has slumped about 4% in October raising concerns about where the market may be headed in the final months of 2023.
“What you have is an oversold market, by any metric,” said Quincy Krosby, chief global strategist for LPL Financial. “That typically leads to a significant rally, but the question is, does that bring you to the end of the year.”
The market got some relief after Amazon rose 6.2% following its profit report. Both its profit and revenue for the summer were better than expected. As one of the most massive companies on Wall Street, Amazon’s stock movements carry huge weight on the S&P 500 and other indexes.
It’s one of the “Magnificent Seven” Big Tech stocks that was responsible for much of the stock market’s climb early this year. But those huge gains also meant big expectations built for them, and Alphabet, Meta and Tesla all fell sharply following their latest reports.
Intel, which is outside the Magnificent Seven, was also helping to support the market. It rose 9.1% after
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