(Reuters) – U.S. Stock Index Futures fell Friday due to disappointing quarterly reports from Apple and Amazon, which weighed on growth stocks. The tech-heavy Nasdaq reached its lowest month in nearly two years.

Premarket trading saw Amazon.com Inc slump 9.1% as rising costs hurt the first quarter results. The e-commerce giant also issued disappointing forecasts for the current quarter.

Apple Inc. (NASDAQ:), world’s largest company, lost 2.6% due to a downbeat outlook on demand that overshadowed records profit and sales for the fiscal second quarter.

Another megacap stock is Microsoft Corp (NASDAQ -), Meta Platforms (NASDAQ –) Inc dropped between 0.1% e 1%

Although Thursday’s rebound was helped by strong results from Meta Platforms Inc, the Nasdaq saw its biggest monthly drop in nine years, falling 9.5% since March 2020.

Fears of higher interest rates threatening future earnings have led investors to abandon high-growth stocks. As inflation rises, the Federal Reserve meets next week. A 50-basis point rate increase is almost certain.

Concerns about an aggressive monetary policy, China’s COVID lockdowns and the Ukraine war have all contributed to fears of slower economic growth. The U.S. economy experienced an unexpected contraction in its first quarter, according to data released Thursday.

The Fed will release readings about personal consumption expenditure later today. This is the preferred measure of inflation and consumer mood.

At 07:01 AM. ET were down 158 point, or 0.4%, and down 36.75points, or 0.86%. They were also down 150.25points, or 1.12%.

This earnings season so far has been much better than we expected. Close to half the reported companies had reports through Thursday, and 81% have exceeded Wall Street’s expectations. According to data from Refinitiv, 66% of the companies beat expectations.

Chevron Corp (NYSE 🙂 lost 0.5%, even though its first-quarter profits easily exceeded Wall Street’s projections due to an increase in oil prices and other factors following Russia’s invasion of Ukraine.

Exxon Mobil Corp (NYSE: ) lost 0.8% due to a $3.4B writedown resulting from Russia’s exit. However, it doubled its quarterly pershare profit.