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Investing.com — US stock markets opened mostly lower on Friday, as disappointing results from three market heavyweights cost out on the ability of companies to keep on top of rising costs and supply chain problems.
By 9:40 AM ET (1340 GMT), The Dow Jones Industrial Average was up 20 points or 0.1%, while the S&P 500 was down 0.3% and the NASDAQ composite was down 86 points or 0.6%.
In early dealings, Amazon (NASDAQ:AMZN) stock fell 4.5% and Apple (NASDAQ:AAPL) stock felt 3.7%, as investors took money off the table in response to figures that fell short of expectations on Thursday evening.
Apple had warned that the supply chain issues which led to a shortfall in sales in the third quarter were, if anything, likely to get worse in the current quarter, its most important of the year.
Amazon, for its part, was struggling after warning that higher costs, especially for freight and labor, would all but consume its operating profit in the coming quarter.
Starbucks (NASDAQ:SBUX) stock also fell 7.0% after warning that it expects a sharp slowdown in same-store sales in its new financial year.
