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Dow Slips on Intel-Led Tech Selling, No Stimulus Yet

Stock MarketsOct 23, 2020 03:05PM ET
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By Yasin Ebrahim

Investing.com –The Dow fell sharply Friday led by an Intel-infused stumble in tech and renewed concerns about stimulus on signs that progress on talks have stalled.  

The Dow Jones Industrial Average fell 0.22%, or 63 points. The S&P 500 was up 0.07 %, while the Nasdaq Composite fell 0.07%.

Intel (NASDAQ:INTC) slumped more than 10% intraday after the chipmaker’s better-than-expected third-quarter earnings and revenue were overshadowed by weaker margins amid a wobble in its data center business.

Analysts have warned Intel is unlikely to see a recovery in margins in the immediate future.

“DCG fell short of expectation and gross margin disappointed by 200 basis points… and gross margin faces multiple mix-related headwinds in fourth reflecting lower enterprise and government and internet of things group, and higher consumer and education NB mix,” Oppenheimer said.

The fall in Intel weighed on the broader tech market, which was also kept in the red by mixed trading in the Fab 5.

Amazon.com (NASDAQ:AMZN), Apple (NASDAQ:AAPL) traded in the red, while Facebook (NASDAQ:FB), Google-parent Alphabet (NASDAQ:GOOGL) and Microsoft  (NASDAQ:MSFT) were above the flatline.

And then there's that stimulus talk that weighed on sentiment, with no signs of progress that it will be rolled out before the Nov. 3 election.

U.S. Treasury Secretary Steven Mnuchin indicated that House Speaker Nancy Pelosi was dragging her feet on key differences and said that the speaker would have to make concessions to get a deal over the line.

“We’ve offered compromises,” Mnuchin told reporters at the White House, according to Bloomberg. “The speaker, on a number of issues, is still dug in. If she wants to compromise, there will be a deal.”

Stocks linked to the progress of the economy including financials, energy, and industrials were in the red.

Energy fell 1%, paced by a decline in oil prices as ongoing demand concerns amid rising Covid-19 in the U.S. and Europe offset the prospect of an extension to OPEC and its allies' production-cut accord.

In other news, Virgin Galactic (NYSE:SPCE) fell more than 7% after Goldman initiated coverage on the stock at neutral.

On the vaccine front, Aztrazeneca reportedly received the green light from the U.S. Federal and Drug Administration to resume its clinical trials for its Covid-19 vaccine. The news comes a day after Gilead (NASDAQ:GILD)'s antiviral drug remdisivir was given full authorization to treat patients hospitalized with Covid-19. 

Dow Slips on Intel-Led Tech Selling, No Stimulus Yet
 

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Comments (20)
Michael Crowley
Michael Crowley Oct 26, 2020 5:50AM ET
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Love the way this needs ‘Stimulus’ to go anywhere...
American Truth
American Truth Oct 24, 2020 5:18AM ET
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Markets are like addicts, waiting for stimulus.
Joshhua Ray
Joshhua Ray Oct 23, 2020 5:23PM ET
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Intel is the scape goat for a virus not infecting CPU health while the Dow looks to Intel for directions.
New Jazenevd
New Jazenevd Oct 23, 2020 4:10PM ET
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It was a positive market day, actually. One may check Russell to see that most stocks had gains.
Tricky Dick
TrickyDick Oct 23, 2020 3:50PM ET
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Supposedly according to this website, the US, China, EU and Antipodean economies are blistering red hot and unstoppable, according to the "data", so why is taxpayer money needed?
Lion King
Lion King Oct 23, 2020 3:18PM ET
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there is no stimulus before election so stop spamming the news about "stimulus" please .
TL Chan
TL Chan Oct 23, 2020 3:18PM ET
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yes, the market already not care!
Irvin Mermelstein
Irvin Mermelstein Oct 23, 2020 3:07PM ET
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Stimulus before the election is dead. I wish the press would say so. Pelosi needs to stick to her guns and keep the focus on the GOP as the obstructionists.
Chris Scheer
Chris Scheer Oct 23, 2020 3:03PM ET
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Pelosi will have to make a deal after Trump's reelected. she clearly doesn't want to before the election.
Jack Galloway
Jack Galloway Oct 23, 2020 2:39PM ET
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I just want to go and do a spot of fishing. OK?
Rushabh Patel
Rushabh Patel Oct 23, 2020 2:16PM ET
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politicians ALL OVER THE WORLD ARE THE SAME...AN EVIL CLASS WHICH CARES A *******FOR THE COMMON MAN"... My humble view
Sophia Saritsoglou
Sophia Saritsoglou Oct 23, 2020 1:55PM ET
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Help help help
Sophia Saritsoglou
Sophia Saritsoglou Oct 23, 2020 1:54PM ET
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Ask how we get b
Nate Degram
Nate Degram Oct 23, 2020 1:54PM ET
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do you really think Manchin is really going to admit Republicans are being just as stubborn as the democrats? Both sides are playing games for political gain and it hurts the rest of us...
Sophia Saritsoglou
Sophia Saritsoglou Oct 23, 2020 1:53PM ET
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Yes i will say thisAMERICAN PEOPLE WE NEED HELP .
Nate Degram
Nate Degram Oct 23, 2020 1:53PM ET
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do you really think Manchin is really going to admit Republicans are being just as stubborn as the democrats? Both sides are playing games for political gain and it *******for the rest of us...
Mehdi Salahi
Mehdi Salahi Oct 23, 2020 1:51PM ET
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Stephen Corsaro
Stephen Corsaro Oct 23, 2020 1:51PM ET
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not yet
Zhulieta Berberi
Zhulieta Berberi Oct 23, 2020 1:50PM ET
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Pass the bill pellosi💵💵
Shitij Gakhar
Shitij Gakhar Oct 23, 2020 1:49PM ET
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There is no stimulus before election .. it's not a joke .. people have been fooling the markets ...
Bryan Cooper
Bryan Cooper Oct 23, 2020 1:49PM ET
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pelosi continually expresses optimism so she can blame republicans for impasse. 'see, i tried,'
Tai Banh
Tai Banh Oct 23, 2020 1:48PM ET
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She is the worst she s playing game big time
 
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