Stock indices are declining
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It all depends on the presidential election
US stock indices are falling on Friday as investors await the results of the presidential election and assess the United States Department of Labor market report for October.
According to the latest figures, Democrat Joe Biden is taking the lead in counting votes in Georgia and Pennsylvania, bringing him closer to winning the election.
Meanwhile, incumbent President Donald Trump has launched a major attack from the White House on the entire democratic process, claiming that his elections are being "stolen".
Meanwhile, the US Labor said on Friday that unemployment in the country fell to 6.9% in October compared to 7.9% in September, with an expected decline to 7.7%.
The number of people employed in the US economy excluding the agricultural sector increased by 638,000 last month, while analysts expected an increase of 600,000. The Dow Jones index decreased by 0.17% to 28,341.52 points, the S&P 500 index by 0.15% to 3,505.34 points and the Nasdaq index by 0.43% to 11,840.24 points.
Despite the decline, the S&P 500 and Nasdaq could end the week with the largest increase since April as the prospect of a Democrat President and Republican Senate majority eased fears of tighter US corporate sector regulations.
Shares of technology companies including Apple Inc (NASDAQ:AAPL), Amazon Inc. (NASDAQ:AMZN), Facebook Inc. (NASDAQ:FB) and Alphabet (NASDAQ:GOOGL) Inc are declining after strong growth this week.
Coty Inc.'s paper price jumped 12.7% thanks to better-than-expected quarterly revenue from the cosmetics and perfume manufacturer.
T-Mobile US Inc rose by almost 6% on the back of new subscriber growth in the third quarter, which was stronger than market forecasts.
Meanwhile, the capitalisation of Electronic Arts (NASDAQ:EA) Inc, a video game developer, fell by 7.9% due to weak quarterly forecasts.
Persons2 and Companies11 in the news
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TRUMP Donald John
45th President of the United States
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BIDEN Joe
46th President of the United States
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