US stocks tumble amid mega-cap tech growth concerns after earnings

Getty Images / Bryan R. Smith
  • US stocks tumbled on Friday after mega-cap tech earnings results didn’t satisfy investor demand for future growth.
  • Alphabet, Amazon, Apple, and Facebook reported 3rd-quarter earnings that mostly beat estimates.
  • The US recorded an all-time high in daily COVID-19 cases on Thursday, with more than 90,000 cases.
  • Watch major indexes update live here.

US stocks fell on Friday as investors digested the 3rd-quarter earnings report of mega-cap tech companies Facebook, Alphabet, Amazon, and Apple.

All four tech companies beat earnings estimates, but on Alphabet traded higher in Friday trades.

COVID-19 is still top of mind for investors, with the US recording an all-time high of daily cases on Thursday with more than 90,000 cases, according to data from the New York Times.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

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Alphabet easily surpassed analyst estimates in its 3rd-quarter earnings report, and shares surged as much as 8% on the news. Twitter slumped after its 3rd-quarter earnings report reveled a significant drop in daily active users.

Ant’s highly anticipated IPO, which is slated to be the biggest ever, attracted $US3 trillion in retail bids for its soon to be listed shares.

Gold traded higher on Friday, rising as much as 1.2%, to $US1,889.81 per ounce.

Oil prices fell. West Texas Intermediate crude fell as much as 2.3%, to $US35.35per barrel. Brent crude, oil’s international benchmark, slipped 2.3%, to $US36.80 per barrel, at intraday lows.

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