US STOCKS-S&P 500, Dow slide as pandemic nerves offset tech euphoria

Reuters

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    * Apple briefly becomes world's most valuable public company
    * Dow weighed down by Chevron, Exxon losses
    * Indexes: Dow down 0.62%, S&P off 0.31%, Nasdaq up 0.31%

 (Adds quote, details; Updates prices)
    By Medha Singh and Devik Jain
    July 31 (Reuters) - The S&P 500 and Dow slipped on Friday as
fears about the economic damage from the COVID-19 pandemic
replaced early euphoria from stunning quarterly earnings reports
by Apple, Amazon.com and Facebook.
    Apple Inc  AAPL.O  surged as much as 7.1% to briefly take
over Saudi Aramco  2222.SE  as the world's most valuable public
company, as it delivered year-on-year revenue gains across every
category and in every geography.  urn:newsml:reuters.com:*:nL2N2F12LV
    Amazon.com Inc  AMZN.O  jumped 4.2% after posting the
biggest profit in its 26-year history, while Facebook Inc  FB.O 
gained 7.6% after it reported better-than-expected revenue.
 urn:newsml:reuters.com:*:nL3N2F1551
    Google-parent Alphabet Inc  GOOGL.O , on the other hand,
fell 4.5% as quarterly sales dipped for the first time in its 16
years as a public company.  urn:newsml:reuters.com:*:nL3N2F15PZ
    Investors betting on more U.S. government stimulus, before
an extra $600-per-week federal jobless benefit expires on
Friday, have also been disappointed as the Senate adjourned for
the weekend and will return on Monday.  urn:newsml:reuters.com:*:nL2N2F11RE
    "People are fearing that we're going to have a longer
recovery and things like oil, which is highly dependent on
global economic activity increasing, is going to be left
behind," said Kim Forrest, chief investment officer at Bokeh
Capital Partners in Pittsburgh.
    Energy stocks  .SPNY  fell the most among the 11 major S&P
sectors after Chevron Corp  CVX.N  reported an $8.3 billion loss
on asset writedowns and ExxonMobil Corp  XOM.N  recorded a
second consecutive quarterly loss.  urn:newsml:reuters.com:*:nL3N2F2432  urn:newsml:reuters.com:*:nL3N2F23YJ
    A surge in the stock price of the tech titans, which make up
nearly a fifth of the S&P 500's value, and an estimated $5
trillion in asset purchases unleashed by the five biggest
central banks globally have sent the tech-heavy Nasdaq to record
highs and set the S&P 500 on course for its fourth straight
monthly gain.
    The benchmark index is now about 4% shy of its February
all-time high, but faltering macroeconomic data and rising
COVID-19 cases in the U.S. are making investors cautious again.
    Figures on Thursday confirmed the sharpest contraction in
U.S. GDP since the Great Depression, while rising jobless weekly
claims suggested a nascent recovery in the labor market was
stalling.
    At 10:57 a.m. ET, the Dow Jones Industrial Average  .DJI 
was down 162.43 points, or 0.62%, at 26,151.22, the S&P 500
 .SPX  was down 10.14 points, or 0.31%, at 3,236.08. The Nasdaq
Composite  .IXIC  was up 32.42 points, or 0.31%, at 10,620.23.
    The second-quarter earning season is past the halfway mark
with about 82.1% of companies that have reported beating
significantly lowered estimates, according to Refinitiv IBES
data.
    Caterpillar Inc  CAT.N  reversed premarket gains and fell
4.3% after the heavy equipment maker signaled more pain due to
an uncertain economic outlook.  urn:newsml:reuters.com:*:nL2N2F20EO
    Declining issues outnumbered advancers for a 2.66-to-1 ratio
on the NYSE and a 3.04-to-1 ratio on the Nasdaq.
    The S&P index recorded 25 new 52-week highs and no new low,
while the Nasdaq recorded 85 new highs and 14 new lows.
    

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 (Reporting by Medha Singh and Devik Jain in Bengaluru; Editing
by Saumyadeb Chakrabarty and Shounak Dasgupta)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062; ;))

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