Amazon Inc.’s revenue topped $100B for third straight quarter.
U.S. stock indexes were lower Friday as investors digested the latest inflation data and sorted through another batch of earnings from high-profile companies.
The Dow Jones Industrial Average fell 63 points, or 0.18%, while the S&P 500 index and the Nasdaq Composite index dropped 0.6% and 1.02%, respectively. All three of the major averages on Thursday ended just below all-time highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34951.27 | -133.26 | -0.38% |
| SP500 | S&P 500 | 4398.32 | -20.83 | -0.47% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14683.828878 | -94.43 | -0.64% |
The core personal consumption expenditures price index rose 3.5% annually in June, making for the biggest increase since July 1991. Prices were up 0.4% month over month. Both readings were below what analysts surveyed by Refintiv were expecting.
In stocks, Amazon Inc.’s quarterly revenue topped $100 billion for the third straight quarter but was below analyst estimates for the first time in three years. The e-commerce giant’s revenue growth forecast for the current quarter came in well below what was expected, with CFO Brian Olsavsky blaming difficult year-over-year comparisons due to the pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AMZN | AMAZON.COM, INC. | 3,353.05 | -246.87 | -6.86% |
Chevron Corp. reported its second straight quarterly profit as demand for oil products bounced back amid a reopening of the economy and crude prices rose. The oil major reinstated its share buyback program, stating it would purchase shares in the current quarter at a rate of $2 billion to $3 billion per year.
The rebound in demand and oil prices also benefitted ExxonMobil Corp., which reported its largest quarterly profit in over a year. The company’s bottom line was helped by the cost cuts that were implemented during the pandemic.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 101.60 | -1.04 | -1.01% |
| XOM | EXXON MOBIL CORP. | 57.45 | -1.49 | -2.53% |
Caterpillar Inc., a bellwether for global economic activity, reported equipment sales spiked 31% from a year ago amid strong demand in North America and Latin America. The heavy-equipment maker said demand is likely to remain strong in the current quarter, but that supply chain disruptions will weigh on its operating profit.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CAT | CATERPILLAR, INC. | 205.02 | -7.53 | -3.54% |
| PG | PROCTER & GAMBLE CO. | 142.90 | +3.45 | +2.47% |
Proctor & Gamble Co. beat on both the top and bottom lines but warned rising commodity and freight costs would take a bite out of its bottom line during the current fiscal year. The consumer goods producer already announced plans to raise prices for some of its products in September.
