Stocks are being taken out behind the woodshed in a dismal day of trading across the three major indices Wednesday with the Dow and S&P 500 both declining 2.6% while the Nasdaq dropped 2.9% around noon.
Pre-election day jitters, a rise in coronavirus cases, new lockdowns in Europe and other factors are all playing their part to weigh on stocks during Wednesday’s session.
Visa (V) - Get Report was the biggest loser on the Dow, dropping 4.4% at last check after fellow credit card company Mastercard reported third quarter revenue and profits that missed analyst expectations. Mastercard shares dropped 5.4% on the Nasdaq Wednesday,.
Shares of industrial giant Caterpillar (CAT) - Get Report were also down 4% on the Nasdaq following its own third quarter miss as falling construction demand hurt the company’s third quarter campaign. Extrapolating construction demand issues to the wider economy could be another reason investors are in a selling mood today.
Dorsey was grilled by Republicans over Twitter’s decision to block a story from the New York Post about presidential candidate Joe Biden and his son as the stock has stayed in the tank all session.
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