Hot news – Wall Street slumped on Friday, despite the U.S. economy growing stronger than expected, as weak earnings from major names spooked investors.
The S&P 500 fell 59 points, or 2.18%, to 2,646.73 as of 10:15 AM ET (14:15 GMT), while the Dow decreased 380 points, or 1.52%, to 24,604.50 and the tech-heavy Nasdaq Composite was down 210 points, or 2.85%, to 7,101.95.
The seasonally-adjusted annual rate of 3.5% growth in the three month period from July to September puts the economy on track for its biggest expansion in 13 years. While less than the 4.2% registered in the second quarter, it was more than economists expected.
Still, disappointing third-quarter earnings results from tech giants Amazon (NASDAQ:AMZN) and Alphabet (NASDAQ:GOOGL) spooked investor sentiment. Amazon slumped 8.26%, while Alphabet fell 4.76%.
Microsoft (NASDAQ:MSFT) was down 2.07%, while Snap (NYSE:SNAP) slumped 13.66% on a decline in subscribers and Adobe (NASDAQ:ADBE) slipped 3.08%.
Elsewhere, Twitter (NYSE:TWTR) fell 0.47%, while medical marijuana company Tilray (NASDAQ:TLRY) rose 1.37% and Tesla (NASDAQ:TSLA) gained 1.05%
In commodities, gold futures increased 0.69% to $1,237.60 a troy ounce, while crude oil futures fell 0.77% to $66.81 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, rose 0.02% to 96.47.