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Stocks slump as coronavirus hits big tech, oil earnings

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www.fox29.com

The COVID-19 pandemic has sparked widespread unemployment, but these companies are still hiring. NEW YORK - Equity investors kicked into sell mode on the first trading day of the month as Big Tech and Big Oil warned that COVID-19 is hurting business during their quarterly earnings updates.

The Dow Jones Industrial Average dropped 622 points, or 2.5 percent, while the S&P 500 and the Nasdaq Composite tumbled 2.81 percent and 3.2 percent, respectively.

The losses come just a day after both the Dow and S&P 500 wrapped up their strongest month in over 33 years. The COVID-19 pandemic has rattled a broad array of industries, with companies from Amazon to Apple, Exxon Mobil and Chevron all detailing the effects of the pandemic. RELATED:

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