Stocks Ended Sharply Lower, Dow Dropped over 900 Points

U.S. stocks ended sharply lower on Wednesday, with the Dow dropping for biggest one-day drop since June, as investors nervously eyed elevated coronavirus cases in the U.S. and Europe. The Dow Jones Industrial Average tumbled 943.24 points, or 3.43%, to 26,519.95. The S&P 500 dropped 67.49 points, or 3.53%, to 3,271.03. The Nasdaq Composite fell 426.48 points, or 3.73%, to 11,004.87.

Oil futures dropped Wednesday, as U.S. government data revealed the biggest weekly climb in domestic crude stockpiles since July and the continued surge in COVID-19 cases fed expectations for lower energy demand. December West Texas Intermediate crude fell $2.18, or 5.5%, to settle at $37.39 a barrel. December Brent crude slid $2.08, or nearly 5.1%, to $39.12 a barrel.

French President Emmanuel Macron said on Wednesday that the country will go back into lockdown starting Friday through Dec. 1, as the virus spreads across the region at an unexpectedly fast pace.

Gilead Sciences Inc reported a 17% rise in quarterly revenue on Wednesday, helped by sales of its antiviral drug remdesivir, the first and only treatment approved in the United States for patients hospitalized with COVID-19.

Ford Motor Co (F) on Wednesday posted a better-than-expected quarterly profit on strong U.S. demand for pickups and SUVs, and forecast a full-year profit instead of a loss. Ford reported net income in the third quarter of $2.4 billion, or 60 cents a share, compared with $400 million, or 11 cents a share, a year earlier.

Pinterest Inc (PINS) beat Wall Street estimates for third-quarter revenue on Wednesday, helped by a rebound in spending on advertisement by businesses after a deep slump in the early months of the COVID-19 pandemic. Pinterest’s total revenue soared 58% to $443 million.