Stocks opened lower, with technology stocks ahead, suggesting the S&P 500 could slide towards the end of the week on the way to closing its sixth straight month of earnings.
- Amazon stock fell more than 8% in early trading after the e-commerce giant’s results pointed to a slowdown in digital sales, even though the earnings report was otherwise strong and showed its dominance.
- Pinterest fell 18% after the online sharing platform said average monthly users in the US had shrunk during the quarter, a trend that accelerated this month.
- Zendesk investors may have to say “om” a couple of times today. Customer service platform stocks were down 6.3% after quarterly results fell below Wall Street’s expectations.
- SEC chairman Gary Gensler said Friday he had asked employees to require more disclosures from offshore companies that want to list in the US and are affiliated with China-based operating companies. Such issuers would have to disclose to investors that they face uncertainty about future actions by the Chinese government, he said. Alibaba fell 2.4% in New York while Didi Global rose 2.5%.
- Chevron’s shares rose 1.3% after the oil giant posted a profit in the second quarter and reported sales that exceeded expectations. The company plans to resume share buybacks at an annual rate of $ 2-3 billion in the third quarter. Rival Exxon Mobil fell 0.7% according to its own earnings report.
- Robinhood trading app stock lost 1.2% after losing more than 8% on Thursday, its first day of trading.
- The Caterpillar stock lost 3.1%. The construction equipment maker reported quarterly net income that tripled despite falling short of its largest construction business.
- Procter & Gamble’s shares were up 1.7%. The Pampers diaper and Tide laundry detergent maker saw sales growth in almost all of its businesses in the last quarter, although growth slowed and profit margins shrank as the company spent more on manufacturing and shipping its products.
- T-Mobile US lost 2.1% after the telecommunications company’s revenue and profit increased in the second quarter, despite not keeping up with AT & T’s steeper customer growth.
- Gilead Sciences posted a profit in the second quarter as sales rose 21% due to higher demand. But the biopharmaceutical company still lost 2.2%, which may have been carried away by the pessimistic mood that morning.
- China’s tech crackdown is risky because if a government believes it can snap its fingers and create or destroy entire industries at will, things can easily go wrong, writes Nathaniel Taplin of Heard on the Street.