Wall Street Opens Lower on Tech Disappointment; Dow Down 100 Pts

U.S. stock markets opened lower again on Friday, on course for their worst week since March, on disappointment at quarterly earnings reports from Big Tech and continued unease about both the coronavirus pandemic and next week’s presidential election.

By 9:40 AM ET (1340 GMT), the Dow Jones Industrial Average was down 102 points, or 0.4% at 26,557, while the S&P 500 was down 0.5% and the Nasdaq Composite was down 1.0%.

Among the biggest losers in early trading were Twitter stock, down 16.4% after its user growth slowed to a trickle in the third quarter, and Apple (NASDAQ:AAPL) stock, down 4.9% after reporting its steepest quarterly drop in iPhone sales in two years, although quarterly revenue and profit beat expectations.

Markets weren’t noticeably reassured by data released earlier showing that U.S. personal spending and income both outstripped expectations in September. Incomes rose 0.9% on the month while spending rose 1.4%.