Losses in big technology companies drove more losses on Wall Street Friday, as the S&P 500 closed out October with its first back-to-back monthly decline since March.
The drops in several high-flying Big Tech stocks came after those companies issued uncertain outlooks for the future.
Investors have turned cautious amid a surge in coronavirus cases in the U.S. and Europe, Washington’s failure to deliver badly needed aid to the economy and uncertainty about the presidential election.
The S&P 500 lost 40.15 points, or 1.2%, to 3,269.96.
The Dow Jones Industrial Average fell 157.51 points, or 0.6%, to 26,501.60.
The Nasdaq composite gave up 274 points, or 2.5%, to 10,911.59.
The Russell 2000 small-cap index dropped 23.10 points, or 1.5%, to 1,538.48.
For the week:
The S&P 500 fell 195.43 points, or 5.6%.
The Dow lost 1,833.97 points, or 6.5%.
The Nasdaq dropped 636.69 points, or 5.5%.
The Russell 2000 gave up 102.02 points, or 6.2%.
For the year:
The S&P 500 is up 39.18 points, or 1.2%.
The Dow is down 2,036.84 points, or 7.1%.
The Nasdaq is up 1,938.99 points, or 21.6%.
The Russell 2000 is down 129.99 points, or 7.8%.
8 Retail Stocks to Own For the Long Haul
There are more than 500 national retailers traded on the NYSE and the NASDAQ. Given the sheer number of big box stores, warehouse clubs, restaurant chains, and other retail stores listed on public markets, it can be hard to identify which retailers will outperform the market.
Fortunately, some of Wall Street's top analysts have already done most of the work for us.
Every year, analysts issue approximately 4,200 distinct recommendations for retail companies. Analysts may not always get their "buy" ratings right, but it's worth taking a hard look when several analysts from different brokerages and research firms are giving "strong-buy" and "buy" ratings to the same retailer.
This slide show lists the 8 retail companies with the highest average analyst recommendations from Wall Street's equities research analysts over the last 12 months.
View the "8 Retail Stocks to Own For the Long Haul".