IBM, Intel slump weighs on Wall St as coronavirus concerns rise

IBM Corp slumped 9.83% and was the top drag on the Dow Jones Industrial Average after it missed estimates for quarterly revenue, hurt by a rare sales decline in its software unit. Intel Corp shed 8.93% as new Chief Executive Officer Pat Gelsinger's post-earnings comments suggested the lack of a strong embrace of outsourcing.

NEW YORK: Wall Street's main indexes slipped on Friday, dragged down by losses in blue-chip technology stalwarts Intel and IBM following their quarterly results, as hopes dim for a full economic reopening in the coming months.

IBM Corp slumped 9.83% and was the top drag on the Dow Jones Industrial Average after it missed estimates for quarterly revenue, hurt by a rare sales decline in its software unit.