NEW YORK (TheStreet) --All three major U.S. averages closed in the red on Friday, due to reports of an additional probe into Democratic nominee for President Hillary Clinton's emails, which sent the markets lower this afternoon.
"Dow dropped about 100 points on this news and it's no surprise. The markets have been pricing a Clinton victory and the House staying Republican, so any change to that scenario will change things. But, you see we have come back substantially," CNBC's Bob Pisani noted during Friday's "Closing Bell."
Gold spiked on the reports and then retreated off of those highs, he noted.
One stock specifically reacting to the additional probe into Clinton's emails was Time Warner, (TWX) Pisani said.
"Time Warner receiving a buying offer from AT&T (T), Mr. Trump said he would oppose that deal if it came in, that was one stock did absolutely did move on that news to the downside," he noted.
Other sectors reacting to the reports were biotech and pharmaceuticals.
"Biotech and pharma had a terrible month, 7% to 8% declines in pharmaceutical stocks over concerns about heavy regulation from Hillary Clinton should she come into office," Pisani added.
The month of October in the U.S. markets is still lower around 1.6%, pacing to be the worst performing month this year since January.