Wall Street’s main indexes closed lower after disappointing earnings from Apple had investors bracing for more downside surprises
rose 8.3% the day after the online retailer issued an upbeat third-quarter outlook. Amazon's rise were an 11-point positive for the S&P 500.
"Those big bellwether companies really have the potential to cause investor jitters even though overall the trajectory and direction of both the economy and corporate earnings seems to be positive moving into August." Said Greg Bassuk, chief executive officer of AXS Investments in New York. The trading session was choppy, with the indexes rising in the morning, then wavering before turning negative."There's still a lot of uncertainty around geopolitical concerns, Ukraine war, China issues”, said Bassuk. He said Friday's decline was "more about investors resetting and positioning for potential downside surprises."added 187,000 jobs in July. Data for June additions was revised lower to 185,000 jobs, from 209,000 reported previously.
The yield on the 10-year benchmark Treasury note dipped after the jobs data, partly boosting some megacap stocks. Traders work on the floor of the New York Stock Exchange in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File Photo
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