Dow Falls 150 Points Even After Big Tech Earnings Beat Expectations

The Dow Jones Industrial Average was down 0.6%, over 150 points, on Friday, while the S&P 500 fell 0.4% and the tech-heavy Nasdaq Composite gained 0.2%.

Four of the biggest U.S. tech companies—Apple, Amazon, Facebook and Google-parent Alphabet—reported earnings that crushed Wall Street expectations late on Thursday.

While shares of Big Tech companies are among the best-performing stocks so far this year, there are rising concerns on Wall Street that heavy market concentration in this handful of big names could pose downside risks to the market.

Consumer sentiment fell to 72.5 in July—down from 78.1 last month—amid the resurgence in new coronavirus cases across the country, according to data from the University of Michigan.

Shares of companies that would benefit from a reopening of the economy—including airlines, cruise stocks, banks and some retailers—moved lower again on Friday.

Meanwhile, oil giant Chevron fell nearly 4% after reporting a quarterly loss of $8.3 billion amid “significantly reduced demand” during the pandemic.