US STOCKS-Wall St pauses as Biden edges closer to victory – Reuters

By Medha Singh, Ambar Warrick

Technology mega-caps consisting of Apple Inc, Inc, Microsoft Corp and Facebook Inc fell after logging strong gains this week and were amongst the greatest drags out the benchmark S&P 500.
Coty Inc jumped 15% as the cosmetics maker beat experts quotes for quarterly profits, while T-Mobile United States Inc gained 6.1% after adding more phone subscribers than experts had actually expected in the third quarter.
Electronic Arts Inc plunged 7.8% after the computer game maker fell short of quarterly sales estimates.
Declining issues surpassed advancers by 1.42-to-1 on the NYSE and 1.59-to-1 on the Nasdaq.
The S&P index taped 40 new 52-week highs and no brand-new low, while the Nasdaq recorded 168 new highs and 22 new lows.

Biden took the lead over President Donald Trump in the battleground states of Pennsylvania and Georgia, putting him on the verge of winning the White House hours after Trump incorrectly declared the election was being “stolen” from him.
” Markets have been quite comfortable with that concept (of a Biden win), but if its objected to, it includes a bit of uncertainty,” stated Scott Brown, chief economic expert at Raymond James in St. Petersburg, Florida.
” Even with these states being really close, we might have to go back and recount, so were in for an extended period of unpredictability.”
Despite Fridays losses, the benchmark S&P 500 and tech-heavy Nasdaq were on track for their best week because April as the prospect of a policy gridlock in Washington relieved stress over tighter policies on U.S. companies.

Republican politicians could keep control of the U.S. Senate pending the result of 4 unsure races and they would likely block big parts of Bidens legislative agenda, including expanding health care and battling environment change.
On the other hand, the governments closely watched report showed unemployment dropped sharply to 6.9% last month from 7.7% in September, but job healing slowed as fiscal assistance dropped and everyday coronavirus cases rose.
” Despite a shorter-term rally, ultimately were visiting some genuine obstacles in payrolls and the economy,” said Phil Toews, primary executive officer and portfolio supervisor for Toews Corp in New York.
” The most prominent indication is the variety of (COVID-19) cases, hospitalizations, and number of deaths in the nation and that is entering the totally incorrect direction.” At 12:36 p.m. ET the Dow Jones Industrial Average fell 0.31% to 28,299.98, the S&P 500 lost 0.16% to 3,504.79 and the Nasdaq Composite slipped 0.21% to 11,866.16.

( Reuters) – Wall Streets primary indexes kicked back on Friday after sharp gains this week as Democrat Joe Biden edged better to victory in a nail-biting election, while the month-to-month tasks report highlighted the economic obstacle facing Americas next president.

Reporting by Medha Singh and Susan Mathew in Bengaluru; Additional reporting by Sagarika Jaisinghani in Bengaluru and Tom Westbrook in Singapore; Editing by Sriraj Kalluvila and Shounak Dasgupta