MS Beats Q3 Earnings Expectations
[Asia Economy New York=Correspondent Baek Jong-min] As the spread of the novel coronavirus infection (COVID-19) and the stimulus bill negotiations remain sluggish, the U.S. stock market closed mixed.
On the 26th (local time), the Dow Jones Industrial Average fell 222.19 points (0.8%) to close at 27,463.19, the S&P 500 dropped 10.29 points (0.3%) to 3,390.68. Meanwhile, the Nasdaq index rose 72.41 points (0.64%) to finish at 11,431.35.
According to CNBC, the S&P 500 index fell below the 3,500 level for the first time since the 6th of this month.
On this day, cyclical stocks and tech stocks showed divergent trends. Shopify and Amazon rose 4.3% and 2.5%, respectively. Zoom also continued its strong performance, rising 4.1%.
Following the previous day, airline stocks such as Delta, American Airlines, and United all showed weakness, falling by 3-4%.
After the market closed, Microsoft (MS) announced earnings of $1.82 per share, driven by strong performance in the cloud sector. The market expectation was $1.54. MS shares rose 1.5% during regular trading.
3M posted higher-than-expected earnings but fell 3.1%. AMD, which confirmed the acquisition of competitor Xilinx for $35 billion, dropped 4.7%.
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