November 01, 2021: -On Friday, Stock futures slipped as shares of major technology companies suffered after disappointing earnings reports.
Futures on the tech-focused Nasdaq 100 decreased 0.8%. S&P 500 futures fell by 0.5%, and Dow Jones Industrial Average futures were 45 points less.
Amazon shares came down 4.9% in premarket trading after the e-commerce giant missed earnings and revenue expectations for the third quarter. The company then issued disappointing guidance for the critical holiday period.
Apple stock came down 3.5% in premarket trading after the tech giant’s quarterly revenue was short of expectations between larger-than-expected supply constraints on iPhones, iPods, and Macs. It was the time Apple’s revenues have missed Wall Street estimates since May 2017.
Investors were betting on good tech results in the prior session. The S&P 500 and the Nasdaq Composite both closed Thursday’s session at record highs. On Thursday, both Apple and Amazon gained into the results.
Despite the recent disappointing results from Big Tech, the stock market has been raking in records amid solid earnings. About half of the S&P 500 have reported quarterly results, and over 80% of them beat earnings estimates from Wall Street analysts. S&P 500 companies are expected to grow profit by 38.6% year by year.
Shares of Exxon Mobil and Chevron increased in premarket trading after the energy giants topped earnings expectations.
All three major averages are on track to post a winning week, their fourth positive week in a row. Month to date, the S&P 500 is nearly 6.7%, on pace for its best monthly performance since November 2020. The blue-chip Dow has gained 5.6% in October, while the Nasdaq has rallied 6.9%.
On Thursday, investors largely shrugged a weak GDP report. The report has shown that the REPORT SHOWED THAT the U.S. economy grew at a 2% annualized pace in the third quarter, its slowest increase since the end of the 2020 recession and missing expectations of 2.8% growth.
“GDP told us what we already knew, the economy slowed down considerably in the third quarter,” said Ryan Detrick, chief market strategist at LPL Financial. “The good news is we see the next few quarters more than making up for the slowdown, as COVID trends continue to improve.”
White House officials were in Rome Friday as part of the Group of 20 economic summits.
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