Stock market today: Dow snaps three-week win streak as Apple slump bites tech
Investing.com — The Dow closed lower Friday, snapping a three-week win streak as investors weighed up a slump in Apple and a mixed July jobs report showing fewer than expected job gains in July, but an uptick in wages that threatens a re-acceleration in inflation.
The Dow Jones Industrial Average fell 0.4%, or 150 points, Nasdaq was down 0.4%, and the S&P 500 fell 0.50%.
This economy created 187,000 new jobs in July, missing economists' estimates of 200,000, but a tick higher in average hourly earnings and an unexpected fall in unemployment suggested that the labor market remains tight and the Federal Reserve likely has more work to do to slow economic growth and inflation.
Apple Inc (NASDAQ:AAPL) fell more than 4% as its better-than-expected quarterly results were overshadowed by worries that weaker iPhone demand likely continued into the current quarter.
While Apple's management is focused on becoming more operationally efficient by cutting costs, the «gravity of a challenging smartphone market particularly in developed regions that should continue the rest of 2023 is a headwind for the stock,» UBS said in a note.
Amazon.com Inc (NASDAQ:AMZN), however, took all the plaudits on the earnings stage rising nearly 9% after reporting better-than-expected second results, the highlight of which was better-than-expected performance in its cloud business Amazon web services.
«The highlight of the quarter was arguably AWS revenue growth that came in about 2% points better than Street expectations, and most importantly management commentary that pointed towards a rationalization bottom with growth trends that have proved stable through July,» Deutsche Bank said in a note.
Tupperware Brands rallied 35% after agreeing to a
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