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Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average Fell Friday goal came off sharp in the session. The S & P 500 was declining, with the index headed for its sixth loss in eight days.
- Amazon.com Inc. (AMZN) fell 7.8% after market growth.
- Alphabet Inc. (GOOGL) was down 2.2% after the parent of Google posted third-quarter earnings growth rate expectations.
Wall Street Overview
Stocks were lower Friday, Oct. 26, but were earlier disappointed earnings and some of the world's biggest companies.
Amazon.com Inc. (AMZN) and Google parent Alphabet Inc. (GOOGL) has undercut investor sentiment in markets around the world as growth projections slowed in the face of escalating trade disputes, rising interest rates and a stronger US dollar. Alphabet shares turned higher at midday but again moved into the red.
The Dow Jones Industrial Average fell 298 points, or 1.2%, to 24.686; at 539 points. The S & P slid 1.74%, and the Nasdaq dropped 2.06%. Stocks rebounded on Thursday, Oct. 25, as investors pinned their hopes on strong corporate earnings. The Dow jumped 401 points, 1.63% gold, to 24.984, the S & P 500 gained 1.86%, and the Nasdaq rose 2.95%.
Third-quarter gross domestic product slipped to a 3.5% annual rate, down from 4.2% in the second quarter. Economists polled by FactSet expected GDP of 3.3% on an annualized basis.
Amazon slid 7.8% on Friday after a light revenue and growth.
Amazon posted quarterly earnings of $ 5.75 a share, easily beating estimates of $ 3.08, but third-quarter revenue of $ 56.58 billion fell short of a $ 57.11 billion consensus.
Revenue at Amazon Web Services rose 46% to $ 6.68 billion, a slightly lower figure of $ 6.71 billion. Growth slowed down 49%, but remained above the year-earlier period's 42%.
Amazon.com: Amazon for $ 66.5 billion to $ 72.5 billion and operating income of $ 2.1 billion to $ 3.6 billion, which are below consensus estimates of $ 73.79 billion and $ 3.86 billion, respectively.
Alphabet fell 2.2% after the parent of Google posted third-quarter profit $ 13.06 a share on revenue of $ 33.7 billion, beating bottom-line estimates of $ 10.41 a share but missing top-line expectations of $ 34.04 billion.
Advertising continues to be Alphabet's biggest cash cow, with revenue on Google platforms accounting for about 70% of net income in recent years, growing about 20% annually. In the third quarter, Google's advertising revenue totaled $ 28.95 billion, with Chief Financial Officer Ruth Porat noting in the earnings report that was "driven by the world".
"All in, despite the various achievements in the quarter, there is no sugar coating, the release was ugly," said Cramer and the Action Alerts PLUS team, which holds Alphabet in its portfolio.
Intel Corp. (INTC) rose 3.1% on Friday after the chipmaker posted third-quarter earnings of $ 1.40 a share on revenue of $ 19.16 billion, topping analysts' forecasts of $ 1.15 a share and revenue of $ 18.13 billion.
Intel lifted its full-year earnings guidance to $ 71.2 billion from $ 69.5 billion and its full-year earnings expectations to $ 4.53 a share from $ 4.15.
Snap Inc. (SNAP) declined 10.3% after the social-media company.
Snap said its daily active user was 186 million, matching expectations. That fell from 188 million in the previous quarter.
Chipotle Mexican Grill Inc. (CMG) rose 3.4% after third-quarter earnings forecast but same-store sales growth of 4.4% missed expectations.
Colgate-Palmolive Co. (CL) fell 6.7% after third-quarter adjusted earnings of 72 cents share Wall Street estimates but revenue missed.
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