Stocks Extend Losses and Finish Week, Month Lower

Big Tech stocks plummeted after lackluster earnings

Deputy Editor
Oct 30, 2020 at 4:35 PM
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Despite yesterday's bounce on economic data, the market today resumed its selloff to secure all three major benchmarks their worst weekly losses since March -- as well as considerable monthly losses. For the most part, the finger of blame can be pointed at record highs in U.S. coronavirus infections. With no second stimulus to revive sentiment, hesitance surrounding the upcoming election as well as tightened restrictions internationally have weighed on the broader market. For the day, the Dow closed 157 points lower, with the S&P 500 and Nasdaq deep in the red as well, as Big Tech stocks plummeted following a slew of lackluster earnings.

Continue reading for more on today's market, including:

  • Analyzing VIX volatility ahead of the upcoming election.
  • Options traders flock to faltering FAANG stock.
  • Plus, sharpie manufacturer on the rise; ATVI brushes off an earnings beat; and this blue chip faces off with a key trendline.

The Dow Jones Industrial Average (DJI - 26,501.60) fell 157.5 points, or 0.6%, for the day, 6.5% for the week, and 4.6% for the month. IBM (IBM) rose to the top of the Dow with a 2.5% win, while Apple (AAPL) landed at the bottom with a 5.6% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,269.96) dropped 40.2 points, or 1.2%, for the day, 5.6% for the week, and 2.7% for the month. The Nasdaq Composite (IXIC - 10,911.59) lost an even 274 points, or 2.5% for the day, dropping 5.6% for the week and 2.3% for the month.

Lastly, the Cboe Volatility Index (VIX - 38.02) added 0.4 point, or 1.1% for the day. For the week, the VIX added on a staggering 38% to land a 44.2% monthly win.



  1.  U.S. Judge Amit Mehta set a deadline for Google to respond to the federal antitrust lawsuit(Reuters)
  2. As U.S. coronavirus cases continue to hit record highs, the restaurant industry is under sales pressure as they increase restrictions. (CNBC)
  3. Newell Brands enjoys its 12th straight profit beat
  4. Activision stock shifts lower despite analyst bull notes.
  5. Honeywell stock brushes off better-than-expected earnings.

Earnings 1030


Gold, Oil Close the Month Lower

Oil futures finished lower for the fourth time this week, as investors take note of energy demand concerns as well as lockdowns in Europe. December-dated crude fell 38 cents, or 1.1%, to $35.79 a barrel -- again the lowest finish in around five months. For the week, the commodity lost 10%, and for the month settled down 11%.

Gold futures ended higher for the day, recovering last session's losses where they marked their lowest finish since Sept. 25. December gold rose $11.90, or 0.6%, to settle at $1,789.90 an ounce for the day. For the week, however, the most-active contract finished 6% lower, losing 0.8% for the month.


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