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Apple Inc <AAPL.O> tumbled 4% premarket after it reported the
steepest drop in quarterly iPhone sales in two years due to the
late launch of new 5G phones.
Amazon.com Inc <AMZN.O> fell 1.4% after it forecast a jump in
costs related to COVID-19, while Facebook Inc <FB.O> shed 2% as
it warned of a tougher 2021.
Google parent Alphabet Inc <GOOGL.O>, however, climbed 7% after
it beat estimates for quarterly sales as businesses resumed
advertising.
Shares of the technology heavyweights had jumped ahead of tech
results on Thursday, helping the S&P 500 close higher.
Still, the benchmark index is set to wrap up its worst week
since mid-June, while Wall Street's fear gauge <.VIX> held at a
20-week high, also on fears of a contested election next week.
Ahead of the final weekend before Election Day on Tuesday,
President Donald Trump and Democratic challenger Joe Biden will
barnstorm across battleground states in the Midwest where the
coronavirus pandemic has exploded anew.
Trump has consistently trailed Biden in national polls for
months, but polls in the most competitive states have shown a
closer race.
At 06:13 a.m. ET, Dow E-minis <1YMcv1> were down 238 points, or
0.9%, S&P e-minis <EScv1> fell 28.75 points or 0.87% and Nasdaq
100 E-minis <NQcv1> were down 140 points, or 1.23%.
Third-quarter earnings season is past its halfway mark and about
84.8% of S&P 500 companies have beaten estimates for earnings,
according to Refinitiv data. Overall, profit is expected to
tumble 13.4% from a year ago.
Twitter Inc <TWTR.N> slumped 14.2% after the micro-blogging site
reported fewer users than expected and warned the U.S. election
could impact ad revenue.
(Reporting by Medha Singh in Bengaluru; Editing by Arun Koyyur)
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