Nasdaq Takes Another Hit as Tech Giants Report Earnings

Earnings season has reached its peak, and on Friday, the Nasdaq Composite (NASDAQINDEX: ^IXIC) didn't like what it saw from the latest reports of its most important constituents. As of 1 p.m. EDT, the Nasdaq was down 2.5%, doubling the declines in a couple of other prominent stock market benchmarks.

Investors got an onslaught of fundamental business information since the market closed late Thursday afternoon, and they got their chance today to trade on that news. The result was that Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN), and Facebook (NASDAQ: FB) all fell sharply, while only Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) managed to gain ground.

The biggest stock in the market, Apple, also saw the biggest decline, losing nearly 6% Friday afternoon. Apple's report showed what many had expected to see -- that sales of iPhones plunged as customers decided to hold off until the new iPhone 12 models were available. That wasn't entirely unexpected, but it nevertheless gave investors pause in considering the big run-up in the stock price in 2020.

Source Fool.com