S&P 500 Drops After Earnings From National Oilwell Varco, F5 Networks, and 3M Fail to Impress; AMD Surges After Hours

The S&P 500 Index (SNPINDEX: ^GSPC) took a dive late Tuesday, ending the day down 0.65%. Daily confirmed cases of COVID-19 in the U.S. have declined from recent highs, but the numbers are moving in the wrong direction in some states. Hard-hit Florida recorded nearly 200 COVID-19 deaths for Tuesday, a record for the state.

With the pandemic far from over in the United States, Congress is working on another stimulus bill. Senate Republicans introduced a $1 trillion plan on Monday, featuring a reduced federal unemployment benefit, a second round of direct payments to many Americans, and money for schools. This bill will need to be reconciled with a $3 trillion plan passed by the House in May.

Many companies are reporting earnings this week, giving investors an idea of how sales and profits held up during the worst of the pandemic. Shares of National Oilwell Varco (NYSE: NOV), F5 Networks (NASDAQ: FFIV), and 3M (NYSE: MMM) slumped on Tuesday after their respective reports failed to impress investors.

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Source Fool.com