Tech Slide, Pandemic Surge Slam Wall Street, Biggest Weekly Loss Since March

“There is a big selloff in those big tech names because they didn’t live up to the hype and people are really worried about next week’s election,” said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh.

Republican President Donald Trump has consistently trailed Democratic challenger Joe Biden in national polls for months, but polls have shown a closer race in the most competitive states that could decide the election.

The Dow Jones Industrial Average fell 157.51 points, or 0.59%, to 26,501.6. The S&P 500 lost 40.15 points, or 1.21%, to 3,269.96 and the Nasdaq Composite dropped 274.00 points, or 2.45%, to 10,911.59.

For the week, the Dow fell 6.5&, the S&P 500 5.6% and the Nasdaq 5.5%. For the month, the Dow slid 4.6%, the S&P 500 2.8% and the Nasdaq 2.3%.

Volume on U.S. exchanges was 10.31 billion shares.

The third-quarter earnings season is almost 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 , the largest S&P 500 decliner by percentage, slumped 21.1% after the micro-blogging site added fewer users than expected and warned the U.S. election could affect ad revenue.

Declining issues outnumbered advancing ones on the NYSE by a 1.83-to-1 ratio; on Nasdaq, a 2.63-to-1 ratio favored decliners.

The S&P 500 posted three new 52-week highs and two new lows; the Nasdaq Composite recorded 22 new highs and 83 new lows.

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