Stock market today October 28, 2020
October 28, 2020
stock market today
A strong selloff today for the US stock market. Dow Jones plunged 943 points, S&P 500 fell 119 points and Nasdaq lost 426 points. Small-cap stocks fell less as Russell 2000 lost less than 3%, compared to other major stock indices. The closing numbers for the US stock market today:
S&P 500: 3,271.03,-119.65(-3.53%)
Dow 30: 26,519.95,-943.24(-3.43%)
Russell 2000: 1,543.28,-47.21(-2.97%)
stock market news
“Stocks dropped sharply, pointing to another volatile day on Wall Street as investors nervously eyed elevated coronavirus case counts in the U.S. and Europe, weighed outcomes of Election Day next week and contemplated when another round of fiscal stimulus out of Washington might get passed.
The drop in domestic equities came alongside a plunge in European stocks, with the STOXX 600 selling off and hitting the lowest level since May. Concerns of even more restrictions across the region weighed on global risk assets, with French President Emmanuel Macron on Wednesday imposing a new national lockdown, effective Friday, as cases in the region jump. Germany also announced a one-month partial lockdown earlier in the day, which will span all of November.
In the U.S., hospitalizations related to COVID-19 have risen by at least 10% over the past week across 32 U.S. states and Washington, D.C., according to data compiled by Bloomberg.
The CBOE Volatility Index (^VIX) jumped more than 18% to its highest level since June. Contracts on the Dow tumbled more than 700 points mid-morning. Component Microsoft dropped even after the tech giant reported quarterly revenue that grew a better-than-expected 12% as its Azure cloud offering accelerated sales growth from the previous period. Guidance for some business units’ current-quarter performance came in light, however.
Tech stocks will remain in focus on Wednesday. The U.S. Senate Committee on Commerce, Science and Transportation began holding a hearing with Twitter (TWTR) CEO Jack Dorsey, Facebook (FB) CEO Mark Zuckerberg and Alphabet (GOOG, GOOGL) CEO Sundar Pichai to discuss Section 230 of the Communications Decency Act, which has to date helped protect online platforms from liability over user-created content.”