The Dow Jones Industrial Average skidded by 200 points on Friday as investor concern over a slowing global economy continued after bearish data from China.
Data from China indicated that its GDP growth hit its weakest pace in nearly three decades in the third quarter amid trade war tensions with the U.S., according to Reuters.
"China data just adds to the continued slowing global growth concept that has been out there for a while," said Chris O'Keefe, managing director at Logan Capital Management.
Boeing (NYSE: BA) and Johnson & Johnson (NYSE: JNJ) led the decline as Boeing fell by 5.8%, while Johnson & Johnson slipped by 5.7%.
J&J shares slipped after it said it would recall its baby powder in the U.S. after the U.S. Food and Drug Administration found traces of asbestos in samples from online purchased bottles.
Boeing’s stock edged lower after Reuters reported that instant messages from 2016 between two employees suggested that the airplane maker may have misled Federal Aviation Administration about the safety system on the 737 MAX planes.
The ongoing concerns of global economic growth, as well as declines led by Boeing and J&J, overshadowed upbeat earnings by Coca-Cola (NYSE: KO) and American Express (NYSE: AXP)
Coke reported its quarterly financial results that topped analysts’ revenue estimates, which sent shares higher by 1.6% during early morning trading hours.
Meanwhile, American Express surpassed analysts’ profit estimates, however, shares fell by 1.1%.
Despite the economic concerns, 83% of the 73 S&P 500 companies that have reported so far have beat analysts’ estimates.
Heading into the next week, investors are bracing for financial results from Snap (NYSE: SNAP), McDonald’s (NYSE: MCD), AT&T (NYSE: T), Boeing, Twitter (NYSE: TWTR), Visa (NYSE: V), and Verizon (NYSE: VZ).