Dow Slips as U.S. Election Results Hang in the Balance
Investing.com
Published Nov 06, 2020 01:41PM ET
By Christiana Sciaudone
Investing.com -- Markets took a break from this week's highly enthusiastic rally as the countdown to the next U.S. president continues.
The Dow Jones Industrial Average dropped 0.17%, or 49 points. The S&P 500 was up 0.06%, while the Nasdaq Composite rose 0.15%.
Former Vice President Joe Biden appears to be in the lead for the race to become the leader of the free world, with 264 electoral votes to President Donald Trump's 213. The Democrat is a hair ahead in Georgia, which will recount votes to ensure accuracy. Biden is also gaining in Pennsylvania. Trump is suing in several states, though legal experts do not see much chance for success, Reuters reported.
Nonfarm payrolls increased by 638,000 last month, better than the expected 600,000. That compares to September's revised 672,000 additions.
Daily Covid-19 infections are setting records in the U.S., with more than 100,000 reported in a single day for a second day in a row, CNN reported.
The number of hospitalized Americans is also climbing, with now more than 53,000 patients, CNN said, citing the COVID Tracking Project. The U.S. reported 1,210 deaths Thursday, according to Johns Hopkins University.
Gold Futures is trading above $1,950 while Crude Oil WTI Futures dropped more than 4%.
Amazon (NASDAQ:AMZN), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Facebook (NASDAQ:FB) were trading slightly lower.
Coty (NYSE:COTY) jumped after reporting better profit and lower costs. CVS was also higher on increased guidance. Hershey Co (NYSE:HSY) increased after besting earnings estimates and returning to financial forecasts.
Video game maker Electronic Arts (NASDAQ:EA) tumbled as guidance came in weaker than expected. The company’s third quarter revenue forecast of $1.675 billion compares to consensus estimates of $2.35 billion, according to TipRanks.
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