Stock Market Today - 4/29: Big Tech Earnings Sink; Apple, Amazon Lead Slide

Stock Market Today - 4/29: Big Tech Earnings Sink; Apple, Amazon Lead Slide ...

Updated at 10:32 am EST

The stock market in the United States fell on Friday, as the dollar recovered from its strongest monthly gains in seven years, and Treasury bond yields fell into the red, as investors looked to see the effects of a mixed set of huge tech earnings on an already-fragile stock market. April

Apple''s (AAPL) - Get Apple Inc. ReportMarch quarter earnings beat, which saw iPhone sales rise even amid Covid-triggered shutdowns in China and ongoing disruption in global supply chains, was clouded by a moderate near-term forecast. Amazon (AMZN) - Get, Inc. Report, meanwhile, posted a surprise first quarter loss, with surging expenses and the lowest revenue growth in a decade.

The words reflect an overall mood of unease in global equities, which have suffered through their greatest monthly decline in two years, as statistics from the Commerce Department indicated a sharp slowdown in the US economy yesterday, even as interest rate traders continue to price-in 150 basis points worth of rate rises from the Federal Reserve over the next two policy meetings, starting with the next week''s in Washington.

The Fed''s preferred measure of inflation, the core PCE Price index, dipped a modest drop from last month''s multi-decade highs, but is unlikely to interfere with the central bank''s rate hike path ahead of next week''s policy meeting in Washington.

The rate bets have lowered the US dollar to its best monthly gains in seven years, although the greenback slowed in overnight trading against a basket of its global peers, reducing the impact of overseas revenue growth for the S&P 500 companies.

In mid-day Frankfurt trading, European equities were marked 0.5 percent higher, but are still on pace to finish the month with a 1.4 percent decline, whereas the region''s MSCI ex-Japan index sat 2.2 percent for its best single-day increase in six weeks.

Following earnings from Chevron (CVX) and Honeywell (HON) - Get Honeywell International Inc. Reportwhile the S&P 500, which is down 5.5 percent for last night, recovered another 57 points from last night''s close - Get Exxon Mobil Corporation Report, Bristol-Myers (BMY) - Get Colgate-Palmolive Company Report.

The Nasdaq has dropped by 50 points as Amazon''s weakening pushed the tech-focused benchmark down.

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Elon Musk raises $4 billion in Tesla shares and claims to have ''No More Sales Planned,'' and then filed papers show another $4.5 billion of cash.

Chevron''s stock falls after profits stretch through Q1 on gas and Crude Oil rise.

As aviation demand rises, Honeywell''s stock gains fade after Q1 earnings increase.Profit guidance drops.

Apple''s stock market has been dipped down in pre-market trading after warning investors that supply chain failures, especially with what CEO Tim Cook called the "Shanghai corridor," as well as the war in Ukraine, will result in between $4 billion and $8 billion in actual quarter revenues.

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The forecast forecasted a rather solid earnings set during the second quarter, which indicated that the world''s largest IT company profited more than $59.6 billion for the three months ending in March, as well as the group''s fiscal second quarter.

After the world''s largest online retailer posted a surprise first quarter loss Thursday, owing in part to a $7.6 billion write down on its investment in Rivian RIVN, while forecasting softer-than-expected near-term earnings.

Amazon''s March quarter loss is $7.56 per share, compared to a Street estimate of profits of $10 per share, with revenues up only 7% from last year, the lowest growth rate in a decade.

Honeywell surpassed 2.15% after theas the aerospace-focused company projected higher-than-expected first quarter earnings Friday, reducing the range of its full-year profit forecast.

Chevron recorded a better-than-expected first quarter earnings Friday, as profits increased nearly fourfold from last year as a result of a record surge in gas prices in the United States and a spike in global crude related to Russia''s invasion of Ukraine.

Exxon slowed out of its early quarter earnings, despite massive losses from its plans to exit its facilities in Russia, sending shares down in pre-market trading.

Get Tesla Inc Reportshares jumped 1.4 percent after CEO Elon Musk stated he was selling his clean-energy automobile company after depreciating nearly $4 billion in stock to pay for his $44 billion acquisition of Twitter (TWTR) - Get Twitter, Inc. Report.

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