US stocks tumble amid mega-cap tech growth concerns after earnings

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US stocks tumble amid mega-cap tech growth concerns after earnings
Getty Images / Bryan R. Smith
  • US stocks tumbled on Friday after mega-cap tech earnings results didn't satisfy investor demand for future growth.
  • Alphabet, Amazon, Apple, and Facebook reported quarterly earnings on Thursday that mostly beat estimates.
  • The US hit an all-time high in daily COVID-19 cases on Thursday, reporting about 90,000 new cases.
  • Watch major indexes update live here.
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US stocks fell on Friday as investors digested quarterly earnings reports from the mega-cap tech companies Facebook, Alphabet, Amazon, and Apple.

All four tech companies beat earnings estimates, but only Alphabet traded higher on Friday.

COVID-19 is still top of mind for investors — the US hit an all-time high in daily cases on Thursday, reporting about 90,000 new cases, according to The New York Times.

Here's where US indexes stood shortly after the 9:30 a.m. ET open on Friday:

Read more: Steven Pesavento quit his 9-to-5 career to pursue real-estate investing full time. Here's how he went from a no-experience tech-head to having flipped over 200 properties in a few years' time.

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Alphabet's third-quarter report easily surpassed analysts' estimates, and shares surged as much as 8%. Twitter slumped after its earnings report revealed a significant drop in daily active users.

Ant Group's highly anticipated initial public offering, set to be the biggest ever, attracted $3 trillion in retail bids for its soon-to-be-listed shares.

Gold traded higher on Friday, rising as much as 1.2%, to $1,889.81 per ounce.

Oil prices fell. West Texas Intermediate crude fell as much as 2.3%, to $35.35 per barrel. Brent crude, oil's international benchmark, slipped 2.3%, to $36.80 per barrel, at intraday lows.

Read more: MORGAN STANLEY: Here's how to trade the assets that have the most riding on Tuesday's elections — plus 5 investors can count on no matter who wins

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