Filip De Mott
Spencer Platt/Getty Images US stocks finished lower after reversing earlier gains as Apple dragged down indexes. Apple stock tumbled 4.8% as quarterly revenue continued to drop. The monthly jobs report came in at 187,000, slightly under expectations for July. Loading Something is loading.
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US stocks finished lower on Friday after giving up earlier gains, while capping off a weekly loss for the markets.
Apple stock tumbled by 4.8% after reporting quarterly revenue declined again. Meanwhile, Amazon jumped 9% as earnings beat forecasts.
Elsewhere, the Labor Department’s jobs report for July showed payrolls expanded by 187,000, below estimates. But wages grew faster than expected, potentially adding pressure on the Federal Reserve to stay hawkish.
For the week, the Dow lost 1%, the S&P 500 fell 2.3%, and the Nasdaq dropped 2.8%.
Here’s where US indexes stood at the 4:00 pm ET closing bell on Friday:
S&P 500: 4,478.03, down 0.53%Dow Jones Industrial Average: 35,065.62, down 0.43% (150.27 points)Nasdaq Composite: 13,909.24, down 0.36%Here’s what else is happening:
Ukraine’s attack on a Russian naval vessel halted commodity shipments from a key Black Sea port. Alphabet sold 90% of its stake in Robinhood last quarter as the trading platform loses active users.The US debt-to-GDP ratio could reach 181% by 2053, leading to disaster, a new research report said.Carl Icahn’s firm plummeted 30% after halving payments to shareholders.Mortgage payments are 19% more expensive than last year, Redfin reported.In commodities, bonds and crypto:
West Texas Intermediate crude oil climbed 1% to $82.72 per barrel. Brent crude, oil’s international benchmark, gained 0.71% to $86.12.Gold fell 0.05% to $1,941.14 per ounce.The yield on the 10-year Treasury sank 14.5 basis points to 4.04%.Bitcoin slipped 0.64% to $29,239.9. Read next
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