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Wall Street Opens Mostly Lower as Apple and Amazon Weigh; NASDAQ Down 86 Pts -Breaking

by Mike Robinson

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© Reuters

Geoffrey Smith

Investing.com — US stock markets opened mostly lower on Friday, as disappointing results from three market heavyweights cost out on the ability of companies to keep on top of rising costs and supply chain problems.

The NASDAQ Composite was at 86 point, 0.6% lower by 9:40 ET (1340 GMT). 

Early dealings saw Amazon stock drop 4.5%, while Apple stock (NASDAQ:), fell 3.7%. This was because investors pulled money out of the market in reaction to Thursday’s disappointing figures.

Apple warned that supply chain problems which caused a drop in third-quarter sales were likely to worsen in current quarter. This quarter is Apple’s most crucial of the year. 

Amazon for its part was in trouble after warnings that increased freight and labor costs could all but wipe out its operating profit for the next quarter.

Starbucks  (NASDAQ:) stock also fell 7.0% after warning that it expects a sharp slowdown in same-store sales in its new financial year.

 

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