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Market news updates: Stock futures sink as Amazon, Apple shares decline after quarterly reports
Yahoo Finance
Stock market news live updates: Stock futures sink as Amazon, Apple shares decline after quarterly reports
Emily McCormick · Reporter
Fri, April 29, 2022, 7:31 AM
U.S. stock futures sank Friday morning and looked to end a volatile month lower, as a fresh set of mixed quarterly results from some major technology companies weighed on index futures. ... Contracts on the S&P 500, Dow and Nasdaq each declined. Shares of tech juggernaut Amazon slid after the company unexpectedly posted a quarterly loss and offered a weaker-than-expected current-quarter forecast. Apple's stock also declined even after the iPhone-maker exceeded quarterly sales and profit estimates, though the company still cited ongoing supply chain constraints.
A day earlier earlier, the S&P 500 closed out Thursday's session sharply higher, gaining 2.5%, while the Nasdaq Composite rose by 3.1% in its best day since March 16. But even with these marked gains, the S&P 500 was still on track to post its third monthly decline in four months.
Volatility has resurged in recent weeks amid concerns over whether tighter monetary policies from the Federal Reserve might derail the economy. And these fears compounded with lingering jitters over persistent inflation, geopolitical turmoil and an ongoing COVID outbreak in China. The S&P 500 was on track for an about 5% drop in April, based on Thursday's closing level.
{snip}
Plus, the data this week on corporate profits and the broad economy have shown signs of decelerating growth. Results from Big Tech companies including Alphabet and Twitter pointed to a slowdown in online ad businesses as companies pull back on marketing spending in the wake of moderating consumer demand. And throughout this earnings season, a plethora of companies across industries have pointed to elevated input and labor costs, as well as ongoing supply chain disruptions.
{snip}
Stock market news live updates: Stock futures sink as Amazon, Apple shares decline after quarterly reports
Emily McCormick · Reporter
Fri, April 29, 2022, 7:31 AM
U.S. stock futures sank Friday morning and looked to end a volatile month lower, as a fresh set of mixed quarterly results from some major technology companies weighed on index futures. ... Contracts on the S&P 500, Dow and Nasdaq each declined. Shares of tech juggernaut Amazon slid after the company unexpectedly posted a quarterly loss and offered a weaker-than-expected current-quarter forecast. Apple's stock also declined even after the iPhone-maker exceeded quarterly sales and profit estimates, though the company still cited ongoing supply chain constraints.
A day earlier earlier, the S&P 500 closed out Thursday's session sharply higher, gaining 2.5%, while the Nasdaq Composite rose by 3.1% in its best day since March 16. But even with these marked gains, the S&P 500 was still on track to post its third monthly decline in four months.
Volatility has resurged in recent weeks amid concerns over whether tighter monetary policies from the Federal Reserve might derail the economy. And these fears compounded with lingering jitters over persistent inflation, geopolitical turmoil and an ongoing COVID outbreak in China. The S&P 500 was on track for an about 5% drop in April, based on Thursday's closing level.
{snip}
Plus, the data this week on corporate profits and the broad economy have shown signs of decelerating growth. Results from Big Tech companies including Alphabet and Twitter pointed to a slowdown in online ad businesses as companies pull back on marketing spending in the wake of moderating consumer demand. And throughout this earnings season, a plethora of companies across industries have pointed to elevated input and labor costs, as well as ongoing supply chain disruptions.
{snip}