Dow falls 500 points near session lows Friday amid signs of China-U.S. tension and hazy outlooks from Amazon and Apple
U.S. stock benchmarks on Friday were trading sharply lower to start the first day of trading in May as uncertainty from the outlooks from Amazon.com Inc. and Apple Inc. eroded some of the optimism that helped the Dow and S&P ring up their best April gains in 82 years. The Dow Jones Industrial Average was off 490 points, or 2%, at 23,859; the S&P 500 index fell 68 points, or 2.3%, at 2,845, while the technology-laden Nasdaq Composite Index declined 2.6% at 8,659. Late Thursday, Amazon said coronavirus-related costs such as employee testing and higher wages added to expenses and would likely in the future. Meanwhile, Apple declined to provide guidance for the current quarter. Adding to the bearish tone, President Trump indicated he may consider imposing tariffs on China, for their role in handling the novel coronavirus outbreak, which was first identified in Wuhan, China. Separately, shares of Tesla were under pressure after the CEO of the electric-vehicle maker, Elon Musk, tweeted that the company’s share price was too high.