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Wall Street ends lower, clobbered by Amazon

07/30/2021 | 05:54pm EDT

The month of July ended with a whimper on Wall Street as earnings jitters took the wind out of investor sentiment.

The Dow fell 149 points Friday. The S&P 500 dropped 23. The Nasdaq lost 105.

Laila Pence, president, of Pence Wealth Management isn't deterred by Friday's weakness - stocks are up six months in a row - and she's buying this market on the dip.

"We're buying. I mean, we just think anytime there's declines, it's a buying opportunity, especially some of those great companies that have really great growth potential. There is this lull that always happens in July and August. And if these great companies I mean, this week, it's just not something that we worry about on a short term basis."

Amazon set the downward tone one day after it missed sales forecasts and guided sales estimates lower. Shares of Amazon were down 7-1/2 percent.

It was much worse for Pinterest. The social media app lost more than 18 percent after it posted disappointing subscriber numbers and warned fewer people were clicking now that they are spending more time outdoors.

Caterpillar added to the gloom. It beat profit forecasts thanks to a booming global economy, but warned rising costs will dampen profits in the current quarter. Shares of the economic bellwether fell nearly 3 percent.

Procter and Gamble was a different story. It topped sales and profit forecasts and gave an upbeat full-year outlook. Shares of the consumer products giant rallied roughly 2 percent.

In other earnings news: ExxonMobil posted its biggest quarterly profit in more than a year boosted by higher oil prices, but shares fell 2.3 percent.

Chevron announced its highest profit in six quarters but investors weren't impressed with that either and pushed that stock down by less than a full percent.

In the latest economic update: a measure of consumer inflation favored by the Federal Reserve showed its biggest annual gain in 30 years.

Meanwhile, consumer sentiment fell to a five-month low amid inflation worries.


ę Reuters 2021
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