After disappointing earnings reports, stock futures fell in overnight trading Thursday.

S&P 500 futures fell 0.3% and Nasdaq 100 futures traded 0.6% lower. Futures for the Dow Jones Industrial Average were flat.

Amazon stock shares plunged more than 3% during extended trading, following the collapse and reorganization of the online giant. badly missed earnings and revenue expectations for the third quarterThis is. Unfortunately, the company issued poor guidance regarding this critical holiday period.

Apple stock fell 4% after the tech giant’s quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs.   

The overnight action came after the S&P 500 and the tech-heavy Nasdaq Composite closed Thursday’s session at record highs as investors shrugged off disappointing economic data.

American economy expanded at a 2% annualized paceThe third quarter saw the lowest growth rate since the start of the 2020 recession, and it fell short of expectations of 2.8%.

Ryan Detrick (chief market strategist, LPL Financial), stated that GDP confirmed what they already knew: the economy experienced a slowdown in the third quarter. We see that the slowdown will be lessened in the coming quarters, because COVID trends are improving.

Solid earnings have led to record-breaking stock markets. About half of the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates from Wall Street analysts. S&P 500 companies are expected to grow profit by 38.6% year over year.

The three main averages have posted a winnable week. This is their fourth consecutive positive week. Month to date, the S&P 500 is up 6.7%, on pace for its best monthly performance since November 2020. Blue-chip Dow gained 5.6%, and the Nasdaq rallied 6.9% in October.