Shares of technology companies sank amid earnings and as several high-profile leaders tangled with U.S. senators.
Microsoft's stock was down nearly 5% as the company's forecast did not live up to estimates. All three of its core segments grew strongly amid demand for cloud services and videogames during the COVID-19 pandemic.
However, Microsoft underwhelmed with its forecast for the fiscal second quarter, when it will launch the new Xbox consoles.
Meanwhile, Sony raised its forecast for its full-year operating profit by nearly $800 million, capping a strong run of results by Japanese electronics makers benefiting from China's revived economy and pandemic technology trends.
Automatic Data Processing shares jumped more than 6% after quarterly profits rose year-on-year.
A federal appeals court refused to reconsider its decision earlier this year to throw out a government antitrust case against Qualcomm.
The Federal Trade Commission had alleged the dominant cellphone chip maker engaged in illegal monopolization, but a three-judge panel on the Ninth U.S. Circuit Court of Appeals ruled in August that the government hadn't proven its case.
Meanwhile, the CEOs of Facebook, Twitter and Alphabet faced a Senate committee in a hearing over the companies' roles in moderating public discourse.
Write to Amy Pessetto at amy.pessetto@dowjones.com
(END) Dow Jones Newswires
10-28-20 1711ET
