Market Updates
U.S. Stocks Turn Lower After Latest Batch Of Earnings Disappoint
Barry Adams
29 Apr, 2022
New York City
U.S. stocks turned lower after a string of disappointing earnings.
After about 45 minutes of trading, the S&P 500 index declined 0.8% to 4,253.91 and the Nasdaq Composite index fell 0.6% to 12,798.88.
Amazon dropped 12% after the online retailer reported its first quarterly loss in six years and quarterly revenue growth eased for the sixth quarter in a row.
Amazon is facing two headwinds, slowing consumer spending, rising fuel and labor costs at its operations.
Apple Inc muted its upside to 0.6% after the phone and computer maker reported better-than-expected earnings but guided higher costs and supply disruptions are likely to trim as much as $8 billion in revenues in the current quarter.
Intel Inc dropped 6% after the chip maker reported better-than-expected earnings but issued a weak outlook for the current quarter.
On the U.S. economic front, the latest report from the Commerce Department showed personal income rose less than expected but the spending was ahead of expectations.
Personal income increased 0..5% in March after rising by upwardly revised 0.7% in February.
Personal spending rose 1.1% in March after climbing by upwardly revised 0.6% in February.
In Europe, the DAX index in Frankfurt gained 1.1%, the CAC-40 index in Paris advanced 0.9%, and the FTSE index in London jumped 0.8%.
In Asia, markets were closed in Japan today, but the indexes in Hong Kong surged 4% and in Mumbai reversed earlier gain of 1% to close down 0.8%.
The Japanese yen regained 0.55 to trade at 130.08 against the U.S. dollar and the euro edged slightly higher to trade at $1.0533.
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