STOCK MARKET WATCH - Friday, 29 October 2021

[Tansy_Gold]

STOCK MARKET WATCH, Friday, 29 October 2021

Previous SMW:
SMW for 28 October 2021




AT THE CLOSING BELL ON 28 October 2021


Dow Jones 35,730.48 +239.79 (0.68%)
S&P 500 4,596.42 +44.74 (0.98%)
Nasdaq 15,448.12 +212.28 (1.39%)

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Market Conditions During Trading Hours:

Google Finance
MarketWatch
Bloomberg
Stocktwits

(click on links for latest updates)

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Currencies:











Gold & Silver:






Petroleum:

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DU Economics Group Contributor Megathreads:

Progree's Economic Statistics (with links!)
mahatmakanejeeves' Rail Safety Megathread
mahatmakanejeeves' Oil Train Safety Megathread

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This thread contains opinions and observations. Individuals may post their experiences, inferences and opinions on this thread. However, it should not be construed as advice. It is unethical (and probably illegal) for financial recommendations to be given here.

[mahatmakanejeeves]

1. Stock futures drop as Amazon, Apple shares fall after earnings

Yahoo Finance

Stock market news live updates: Stock futures drop as Amazon, Apple shares fall after earnings

Emily McCormick · Reporter
Fri, October 29, 2021, 8:41 AM

Stock futures dipped Friday morning, with investors eyeing a couple of disappointing earnings results from Apple (AAPL) and Amazon (AMZN) that came during an otherwise solid quarterly reporting season from many major companies.

Contracts on the S&P 500 fell, pulling back after the blue-chip index set a record closing high on Thursday. Nasdaq futures underperformed amid the drawdown in the big technology names. Treasury yields climbed, and the benchmark 10-year yield added more than 3 basis points to top 1.6%.

Amazon shares dropped after the e-commerce juggernaut missed third-quarter expectations and forecasted a jump in expenses in the fourth quarter due to supply chain disruptions and rising costs for labor, materials and freight. These factors are expected to generate "several billion dollars of additional costs" to Amazon in the current quarter, the company said in its earnings statement.

Peer tech giant Apple also disappointed Wall Street in its fiscal first-quarter results, with key iPhone sales missing expectations even following the launch of its latest iPhone 13 handset series. Shares of Apple's suppliers including Taiwan Semiconductor Manufacturing Co. (TSM), Qualcomm (QCOM) and Broadcom (AVGO) also fell immediately following the results.

For Wall Street, the results appeared to vindicate concerns that mounting supply chain disruptions, labor costs and materials shortages were impacting companies of all sizes heading into the holiday season, and were creating challenges for corporations to keep pace with rising demand.

And for Apple, Amazon and some other technology companies, investors have been additionally fearful that these key members of last year's lucrative "stay-at-home" trade would be unable to maintain lofty growth rates following a pandemic-induced surge in their businesses. Amazon's sales grew 15% in the third quarter, slowing down markedly from 27% rate in the second quarter.

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