(For a Reuters blog on U. S. inventory markets. USA, UK and Europe, click LIVE/ or type LIVE/ in a news window).
* Amazon falls as sales expansion slows
* Pinterest sinks into the fact that the expansion of U. S. usersU. S. It’s stagnating
* U. S. spending U. S. Increases in June, inflation rises
* Deactivated futures: Dow 0. 27%, S
By Sagarika Jaisinghani
July 30 (Reuters) – Wall Street’s primary indexes were expected to fall on Friday after a dissembarked quarterly earnings report from Amazon. com, while knowledge of strong customer spending in June boosted optimism that it will recover in a stable economic rebound.
Amazon. com Inc fell 6. 9% in pre-market trading after the company said sales expansion would slow in the coming quarters as consumers ventured further away from home.
Shares of other tech giants, including Netflix Inc, Alphabet Inc, parent of Google, and Facebook Inc, which benefited last year from other people being kept inside due to COVID-19 restrictions, fell between 0. 4% and 1. 1%.
“Overall, expectations were pretty high for corporate earnings and the explanation for why we’re seeing some stocks fall despite the positive effects is that other people expect exponential growth, which to be fair is too high to expect,” Randy Frederick said. , managing director of trading and derivatives at Charles Schwab.
Hopes for a stable post-pandemic rebound in the U. S. economyU. S. They have accelerated Wall Street’s primary indices to record levels and put the benchmark S index on
Friday’s knowledge showed that U. S. customers’ spending was not enough. U. S. It rose more than expected in June, however, some of the accumulation reflected higher prices, with annual inflation accelerating further above the Federal Reserve’s 2% target.
“People were clearly concerned last night about Amazon’s lack of frontline (estimates), yet the spending is still there, they’ve simply switched from online spending to more experimental services,” said Thomas Hayes, managing member of Great Hill Capital LLC in New York.
“It shows that consumers are spending their cash and accumulating it as they would if they were worried about the economic outlook. “
Earlier this week, the Fed reiterated its view that higher inflation would be transitory.
At 8:53 a. m. ET, Dow e-minis were down, or 0. 27%, e-minis S
Pinterest Inc fell 19. 4% after saying that the expansion of users in the U. S. U. S. It slowed down as other people who used the platform for craft and DIY projects at the height of the pandemic came out more.
Caterpillar Inc, on the other hand, rose 2. 3% after posting an increase in its adjusted profit in the current quarter thanks to the recovery in global economic activity.
Chevron Corp added 1. 2% as it reported its profit in six quarters and joined a reorganization in the oil industry to praise investors with percentage buybacks.
U. S. -listed Chinese resumed their decline as Beijing stepped up its crackdown on technology-related companies.
Didi Global, China’s largest VTC giant, fell 4. 4% when the Transport Ministry said the country would intensify its scrutiny of online limousine corporations as a component of plans for worker rights coverage and require corporations to replace any breaches. (Report by Sagarika Jaisinghani, Shashank Nayar and Shreyashi Sanyal of Bengaluru; edited via Uttaresh. V and Aditya Soni)
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