The stock market fell hard today with the Dow Jones hitting a near all-time low of 3.43% decrease to close at 26,521.01. The NASDAQ fell 3.73% to end at 11,004.87 and the S&P 500 closed down 3.53% to close at 3,271.15. STOXX Europe also fell almost 3% at 2.95% to close at 342.17.
It looks like GE just might be turning things around with increases in their free cash flow and stock price. Their overall revenue is down 17% but they have several areas where they are improving and showing better than expected results. They’re even expecting to see continued positive results through the fourth quarter and into the beginning of 2021.
“We never talked about a specific number with respect to the third quarter, and again, given the progress on the $2 billion of cost actions, the $3 billion of cash actions, I think what was a very strong quarter on the part of our health care business and the lack of any further deterioration of note in Aviation, allowed us to put the quarter that you see here, the $500 million of free cash flow, together.”
The stock market is falling even further over the month and hitting the lowest they have since earlier in the pandemic. It seems that uncertainty about the presidential election as well as coronavirus cases has been driving stocks in a downward trend. Shares of a number of different fields are falling hard, especially in areas like energy, hotels, airlines and more.
Pertaining to the coronavirus pandemic, Eric Kuby from North Star Investment Management Corp stated “Obviously the virus is out of control. It’s spiking, it’s bad,”
Pertaining to the election, Chris Zaccarelli from Independent Advisor Alliance stated “As people run through the likely scenarios of what could happen with the election, there’s no short-term good answer,” he said.
This is actually the worst day that the Dow and the S&P have seen since June, when things were hitting their worst in the middle of the pandemic. The NASDAQ, on the other hand, only hit its worst time since September.
Crude oil with the West Texas Investment fell 4.21% to $37.28, representing a continued fall over the last month. Gold fell $34.40 to close at $1,885.50 per ounce. The treasury yield also continued its fall from the last three days with the 10 year yield coming in at 0.79 and the 30 year yield coming in at 1.57.