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US STOCKS-Wall St falls after historic GDP slump, Trump suggests election delay – Yahoo Finance

(For a live blog on the U.S. stock market, click or type LIVE/ in a news window)

* Q2 GDP numbers show record 33% contraction

* Jobless claims also up, though lower than forecast

* Qualcomm, UPS, P&G up after results

* Indexes down: Dow 1.99%, S&P 1.58%, Nasdaq 1.10% (Updates to open)

By Medha Singh and Devik Jain

July 30 (Reuters) – Wall Street fell on Thursday following a historic contraction in second-quarter GDP and a tweet by President Donald Trump floating the possibility of delaying the U.S. November presidential elections.

Trump, without evidence, repeated his claims of mail-in voter fraud and raised the question of a delay, despite the election date being enshrined in the U.S. Constitution.

Earlier in the day, official data showed the U.S. economy suffered its steepest contraction since the Great Depression in the second quarter, as business activity came to an abrupt halt on efforts to slow the virus outbreak.

Jobless claims numbers also showed another rise in the latest week, adding to signs the momentum of economic recovery has slowed, especially in southern and western U.S. states.

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US STOCKS-Wall St ends lower on COVID-19 worries, tech weighs – Yahoo Finance

(Updates with details after market close)

* Twitter falls as accounts of top voices hacked on its platform

* Bank of America slips as profit halves in Q2

* American Airlines says air travel demand slowing again

* Netflix tumbles in extended trade following report

* Indexes: Dow -0.5%, S&P 500 -0.3%, Nasdaq -0.7%

By Noel Randewich

July 16 (Reuters) – The S&P 500 dropped on Thursday, pulled lower by Microsoft Corp and Apple Inc, as elevated levels of unemployment claims heightened concerns about the economic toll from rising coronavirus cases.

U.S. retail sales increased more than expected in June, but a resurgence in new COVID-19 cases is undercutting the budding recovery, keeping 32 million Americans on unemployment benefits.

A jump in cases of the virus has forced California and other states to shut down again, sparking fears of more business damage and slowing the pace of a Wall Street rally. The S&P 500 is about 5% below its February record high.

“The economic data shows there is still a challenge going forward,” said Willie Delwiche, an investment strategist at Baird in Milwaukee. “Congress better get its act together and pass another fiscal stimulus.”

The S&P real estate and technology indexes each lost more than 1%, more than any others.

Apple declined 1.2% and Microsoft lost 2%, each weighing more than any other company on the S&P 500.

The S&P 500 has exceeded the Nasdaq by nearly 3 percentage points over the past week, its greatest five-day outperformance over the Nasdaq since late March, reflecting a shift away from Amazon.com, Microsoft and other major technology companies that have led Wall Street’s gains in recent months.

“This is an early indication of good signs that money is now flowing away from completely overbought Nasdaq into those names that will bode well when the economy starts finding more of a solid footing,” said Andrew Smith, chief investment strategist at Dallas, Texas-based Delos Capital Advisors.

Twitter Inc fell 1.1% after hackers accessed its internal systems to hijack some of the platform’s top voices, including U.S. presidential candidate Joe Biden, reality TV star Kim Kardashian West, former U.S. President Barack Obama and billionaire Elon Musk and used them to solicit digital currency.

In extended trade, Netflix tumbled 10% after the streaming video service’s quarterly report.

The Dow Jones Industrial Average fell 0.5% to end at 26,734.71 points, while the S&P 500 lost 0.34% to 3,215.57.

The Nasdaq Composite dropped 0.73%, to 10,473.83.

Rounding up earnings reports of big banks, Bank of America Corp fell 2.7% after its second-quarter profit more than halved, while Morgan Stanley rose 2.5% after posting a record quarterly profit.

American Airlines tumbled 7.4% after it sent 25,000 notices of potential furloughs to frontline workers and warned that demand for air travel is slowing again.

Tesla Inc declined nearly 3% after its vehicle registrations nearly halved in the U.S. state of California during the second quarter, according to data from a marketing research firm.

Declining issues outnumbered advancing ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored decliners.

The S&P 500 posted 30 new 52-week highs and no new lows; the Nasdaq Composite recorded 76 new highs and 14 new lows.

Volume on U.S. exchanges was 9.6 billion shares, compared with the 11.7 billion average for the full session over the last 20 trading days. (Additional reporting by Medha Singh and Devik Jain in Bengaluru Editing by Marguerita Choy)

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