Report: Oil prices drop, boom in online services

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Booming growth in demand for online services during the pandemic has sent tech shares to record highs this year. Amazon, Google parent Alphabet, Facebook, Apple and Twitter reported results after the close that topped expectations, but downbeat forecasts and other uncertainties led to drops for all but Alphabet in after-market trading.

Oil prices dropped more than 4%, to a five-month low, on worries about expanding coronavirus lockdowns and their impact on demand.

Chevron and Royal Dutch Shell have been redeploying personnel and ramping up and restoring production at their offshore platforms even as power crews struggle to reconnect power lines on land after Hurricane Zeta.

Chevron reports latest quarterly earnings before the bell today. The third-quarter consensus estimates call for a net loss of 22 cents per share and $25.5 billion in revenue.

Exxon Mobil also releases its most recent quarterly results this morning. The consensus forecast calls for a net loss of 21 cents per share on revenue of about $45.5 billion in revenue for Q3. North America’s biggest oil explorer is cutting 14,000 positions worldwide -- in the U-S, some 1900 jobs will be eliminated, mostly in Houston.

Markets clawed back some ground yesterday, the Dow gaining 139 and the Nasdaq 180. Futures are lower.