The Dow Jones Industrial Average rose 54 points, or 0.15%, while the S&P 500 index and the Nasdaq Composite index inched higher by 0.05% and 0.02%, respectively. Both the S&P and Nasdaq closed at record highs on Thursday.
Apple Inc. reported sales that fell short of estimates as supply chain bottlenecks cost the company an estimated $6 billion in quarterly revenue. Still, sales were up 29% year over year with iPhone revenue hitting a record $38.87 billion.
Ticker Security Last Change Change % AAPL APPLE, INC. 148.98 -3.59 -2.35%
Amazon Inc. missed on both the top and bottom lines and delivered a disappointing outlook for the critical holiday due to concerns over supply chain challenges. CEO Andy Jassy said costs for its consumer business were expected to in the current quarter climb by "several billion dollars" due to increased labor, freight and input costs.
Separately, the e-commerce giant disclosed it holds a 20% stake in electric vehicle maker Rivian. Ford is also a stakeholder.
Ticker Security Last Change Change % AMZN AMAZON.COM, INC. 3,350.18 -96.39 -2.80%
Elsewhere in tech, Western Digital Corp. issued disappointing profit and sales outlooks as the chipmaker struggles to navigate supply chain bottlenecks.
Ticker Security Last Change Change % WDC WESTERN DIGITAL CORP. 51.78 -5.50 -9.60%
Oil giant Chevron Corp. reported its highest profit in eight years and record free cash flow that was boosted by surging oil and gas prices and a lower operating costs. Both earnings and revenue exceeded expectations.
Rival ExxonMobil Corp. reported its highest quarterly profit in four years, but missed on revenue. The company announced plans to buy back up to $10 billion of stock over the next 12 to 24 months.
Meanwhile, Starbucks Corp. revenue fell short of estimates as a resurgence of COVID-19 cases in China shut stores in major cities, resulting in a 7% decline in comparable sales in the country.
Ticker Security Last Change Change % SBUX STARBUCKS CORP. 104.73 -8.47 -7.48%
Overseas trading struck a slightly negative tone.
In commodities, West Texas Intermediate crude oil tumbled $1.07 to $81.74 a barrel and gold dipped $22.10 to $1780.50 an ounce.
European bourses were weaker across the board with Britain’s FTSE 100 losing 0.4%, France’s CAC 40 declining 0.42% and Germany’s DAX 30 sliding 0.68%.
In Asia, Hong Kong’s Hang Seng index slumped 0.7% while Japan’s Nikkei 225 and China’s Shanghai Composite index rallied 0.25% and 0.82%, respectively.