Wall Street Ends Lower, Weighed Down by Apple
NEW YORK (Reuters) - Wall Street ended lower, with Apple, Alphabet and other tech-related companies weighing on the S&P 500 and Nasdaq despite recent strong quarterly earnings reports.
A day after the S&P 500 closed at a record high, Apple, Google-parent Alphabet and Facebook each gave back gains following upbeat quarterly reports this week.
Amazon.com Inc was almost unchanged after it posted record profit late on Thursday and signaled that consumers would keep spending in a growing U.S. economy. Amazon had been up over 2% earlier in the session.
Twitter Inc plunged after it offered a tepid revenue forecast for the second quarter, saying user growth could slow as the boost seen during the pandemic fizzles.
While megacap favorites posted largely strong earnings in the first quarter, their shares have struggled to maintain the upward trajectory that many had coming into reporting season.
"There is a sense that maybe next quarter is as good as it’s going to get, and we’re going to roll over, particularly among the Nasdaq stocks and Big Tech stocks that benefited from the pandemic,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Palm Beach, Florida.
Most of the 11 major S&P 500 sector indexes fell, with technology, materials and energy among the deepest decliners.
A day after the S&P 500 closed at a record high, Apple, Google-parent Alphabet and Facebook each gave back gains following upbeat quarterly reports this week.
Amazon.com Inc was almost unchanged after it posted record profit late on Thursday and signaled that consumers would keep spending in a growing U.S. economy. Amazon had been up over 2% earlier in the session.
Twitter Inc plunged after it offered a tepid revenue forecast for the second quarter, saying user growth could slow as the boost seen during the pandemic fizzles.
While megacap favorites posted largely strong earnings in the first quarter, their shares have struggled to maintain the upward trajectory that many had coming into reporting season.
"There is a sense that maybe next quarter is as good as it’s going to get, and we’re going to roll over, particularly among the Nasdaq stocks and Big Tech stocks that benefited from the pandemic,” said Jack Ablin, chief investment officer at Cresset Wealth Advisors in Palm Beach, Florida.
Most of the 11 major S&P 500 sector indexes fell, with technology, materials and energy among the deepest decliners.