WFC - S&P 500 Swings From Gains to Losses as Tech Giants Tumble
Well, so much for getting back in the black for the year. After spending most of the day up, and putting the index back in positive territory for 2020, the S&P 500 Index (SNPINDEX: ^GSPC) lost 30 points, or nearly 1%, on July 13.
Snack and beverage giant PepsiCo (NASDAQ: PEP) reported earnings that made investors happy, and casino stocks Wynn Resorts (NASDAQ: WYNN), Last Vegas Sands Corp (NYSE: LVS), and MGM Resorts International (NYSE: MGM), up on news that Macao is set to open up to more visitors. But that wasn't enough to make up for losses from the biggest of the mega-cap tech giants that dominate the index. Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Amazon.com (NASDAQ: AMZN), Alphabet (NASDAQ: GOOG)(NASDAQ: GOOGL), and Facebook (NASDAQ: FB), with a combined market cap of $6.6 trillion, all finished the day in negative territory. Amazon and Microsoft were the biggest losers, falling 3%.
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