NEW YORK, July 31 — US stocks fell yesterday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains.
“Overall earnings have been good. But Amazon ... and some of last year’s winners are taking some of the air out of the market today,” said Jake Dollarhide, chief executive officer of Longbow Asset Management in Tulsa, Oklahoma. “This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn’t,” it falls.
For the month, the S&P 500 rose 2.3 per cent, the Dow gained 1.3 per cent and the Nasdaq added 1.2 per cent, while for the week all three of the major indexes posted declines. Also on the earnings front, Pampers maker Procter & Gamble Co rose 2 per cent as it forecast higher core earnings for this year, and US-listed shares of Canada’s Restaurant Brands International Inc jumped 5.1 per cent after the Burger King owner beat estimates for quarterly profit.
S&P 500 company results on the quarter overall have been much stronger than expected, with about 89 per cent of the nearly 300 reports so far beating analysts’ profit estimates, according to IBES data from Refinitiv. Earnings are now expected to have climbed 89.8 per cent in the second quarter versus forecasts of 65.4 per cent at the start of July.
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