Wall Street ended Friday's session even lower as stocks like Amazon
Amazon shares fell 7.6% on Friday after the company stated in its quarterly earnings that it would spend all of its second quarter profits, expected to be $4 billion, on the company's coronavirus efforts. Apple reported in its quarterly earnings that the coronavirus had slowed the tech company's growth compared to last year. The company declined to offer finical outlook for 2020, giving investors a hint at the true impact the coronavirus has wrecked on global supply chains.
Adding to stock market pressure, President Donald Trump has threaten new tariffs on China in response to the coronavirus pandemic. "We signed a trade deal where [China is] supposed to buy, and they've been buying a lot, actually. But that now becomes secondary to what took place with the virus," Trump told reporters on Friday. "The virus situation is just no acceptable.
Here's how the market closed out the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, Tesla
In Stock Sector News, all sectors fell with the market, with Energy leading the decline at -6%. The rest of the negative performance was as follows: Consumer Discretionary -4.61%, Financials -3.32%, Real Estate -3.24%, Industrials -2.98%, Information Technology -2.92%, Utilities -2.45%, Materials -2.17%, Health Care -2.08%, Communication Services -1.56% and Consumer Staples -1.18%.
In Commodity and Currency News, West Texas Intermediate's
For Monday, investors will focus on the slow reopening of U.S. economy as well as earnings for companies like Tyson Foods