Wall Street Slumps As Tech Stocks Slide, COVID Cases Jump

The S&P 500 and Dow were on course for their worst week since March as spiraling coronavirus cases in the United States push hospitals to the brink of capacity.

Third-quarter earnings season is past its halfway mark, with about 84.8% of S&P 500 companies topping earnings estimates, according to Refinitiv data. Overall, profit is expected to tumble 13.4% from a year earlier.

Twitter Inc slumped 18% after the micro-blogging site reported fewer users than expected and warned the U.S. election could impact ad revenue.

Under Armour Inc rose 6% as it forecast full-year revenue above analysts’ estimates, boosted by a surge in online demand for running shoes and other fitness gear.

AbbVie Inc gained 5% after the drugmaker posted better-than-expected quarterly earnings and raised its full-year adjusted profit forecast.

Declining issues outnumbered advancing ones on the NYSE by a 2.1-to-1 ratio; on Nasdaq, a 0.4-to-1 ratio favored advancers.

The S&P 500 posted two new 52-week highs and one new low; the Nasdaq Composite recorded six new highs and 30 new lows.

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