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LIVE: Market Coverage: Friday October 29 Yahoo Finance



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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.

For more on this article, please visit;
https://finance.yahoo.com/news/stock-market-news-live-updates-october-29-2021-221746347.html

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