Reuters Insider - Wall Street slides as tech stocks tumble

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29/10/2018 01:39

Click the following link to watch video: https://share.insider.thomsonreuters.com/link?entryId=0_hx17qeqn&referenceId=tag:reuters.com,2018:newsml_OV93PEXZF_930&pageId=ReutersNews
Source: Reuters Insider

Description: U.S. stocks sold off further on Friday, and the S&P 500 flirted
with correction territory as disappointing results punished technology and
internet shares. Fred Katayama reports.
Short Link: https://reut.rs/2PrFrhE

Video Transcript:

Grim report cards from tech titans Amazon and Alphabet sent stocks sliding on
Friday. The S&P 500 was dragged down by consumer cyclical and tech stocks, but
managed to retreat from correction territory. The three indexes lost ground
for the week. Redmount Capital Partners Chief Investment Officer Vinny
Catalano.

Stock market volatility in October is as American as mom and apple pie. It
happens. It's the most volatile month of the year. It's not the worst
performing month of the year, but it's in the lower end in the lower half of
the year. And this kind of action a little bit extreme this month.

Amazon's shares tumbled. The online retailer and cloud services giant issued a
disappointing sales forecast for the holiday season. Its quarterly profit
multiplied ten-fold but missed estimates. Google's parent Alphabet dropped.
The search engine company's revenue rose 21%, but had missed analysts'
targets. Its operating margin continued to erode. Amazon's and Alphabet's
slide also slammed the major markets in Europe. Other members of the so-called
FAANG group of tech stocks – Apple, Facebook, and Netflix – also
dropped