Tech Slide Hits Wall Street As Coronavirus Cases Spiral

At 12:32 p.m. ET the Dow Jones Industrial Average fell 239.82 points, or 0.90% to 26,419.29, the S&P 500 lost 41.73 points, or 1.26% to 3,268.38 and the Nasdaq Composite lost 237.30 points or 2.12% to 10,948.30.

The third-quarter earnings season is past its halfway mark, with about 86.2% of S&P 500 companies topping earnings estimates, according to Refinitiv data. Overall, profit is expected to fall 10.3% from a year earlier.

Twitter Inc slumped about 20% after the micro-blogging site added fewer users than expected and warned the U.S. election could impact ad revenue.

AbbVie Inc gained 4.3% after the drugmaker raised its full-year profit forecast, bolstered by signs of recovery in demand for its Botox injection.

Declining issues outnumbered advancing ones on the NYSE by a 2.3-to-1 ratio, while on Nasdaq, a 0.4-to-1 ratio favored decliners.

The S&P 500 posted three new 52-week highs and one new low, whereas the Nasdaq Composite recorded 16 new highs and 76 new lows.

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