Dow Falls 200 Points, Stocks Slip Worldwide As Covid Variants Strain Sentiment Amid Unclear Stimulus Timing

Dow Falls 200 Points, Stocks Slip Worldwide As Covid Variants Strain Sentiment Amid Unclear Stimulus Timing

Topline

Despite blowout fourth-quarter earnings still pouring in, stocks are falling Friday as unclear timing on fiscal stimulus under the new administration begins to rattle sentiment amid a worsening pandemic outlook that's also crippling markets around the world. 

President Joe Biden speaks during an event in the White House on January 21.



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Key Facts





Shortly after the market open, the Dow Jones Industrial Average was falling 236 points, or 0.8%, while the S&P 500 slipped 0.7% and tech-heavy Nasdaq fell 0.6%.





Heading up losses in both the Dow and S&P, shares of software giant IBM are plunging 8% after a post-market earnings report Thursday that fell short of analyst expectations.





Other earnings, however, were largely positive, with Siemens, Intel and Volkswagen all posting better-than-expected results after the closing bell, and Ally Financial and regional bank First Horizon also beating expectations Friday morning. 







Energy firms are vastly underperforming the broader market, with Occidental Petroleum, TechnipFMC and Devon Energy falling 5%, 4.6% and 4%, respectively, as a worsening