US plunges at open as earnings season heats up

Wednesday, 27. January 2021 15:30

Shares on major stock markets in the United States kicked off Wednesday's session lower with the Dow Jones dropping over 300 index points as several companies reported weak financial results for the fourth quarter of fiscal 2020. Boeing's revenue fell 15% annually, while its net loss skyrocketed to $8.44 billion from $1.01 billion recorded in the same trimester of 2019. AT&T reported a loss per share of $1.95 in the same three-month span, marking a decline from earnings per share of $0.33 a year ago. Apple, Facebook and Tesla are set to release their financial results later in the day.

On the economic front, the Federal Reserve is expected to reveal its decision on major interest rates and to release its monetary policy statement during the session.

The Dow Jones plummeted 1.04% to start the session with losses as The Walt Disney Company plunged over 4% at 9:31 am ET. The S&P 500 dipped 0.98% as Carrier Global Corp surrendered more than 8% at 9:32 am ET, while the Nasdaq 100 went down by 0.89% at the same time with Applied Materials sinking more than 5% a minute later. The euro weakened 0.51% against the greenback to trade for 1.21058 at 9:28 am ET.

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