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Stocks - Wall Street Opens Mixed After Amazon Earnings Miss 

Published 10/25/2019, 09:48 AM
Updated 10/25/2019, 09:50 AM
© Reuters.

Investing.com – Wall Street was mixed on Friday, as disappointing earnings from Amazon (NASDAQ:AMZN) offset positive results from other companies.

The Dow was up 62 points or 0.2% by 9:47 AM ET (13:47 GMT), while the S&P 500 was down 2 points or 0.1% and the Nasdaq composite slipped 20 points or 0.3%.

Shares of Amazon.com (NASDAQ:AMZN) slumped 3.7% after the e-commerce giant forecast operating income in the current holiday quarter will be well below the consensus due to competition.

Anheuser Busch Inbev (NYSE:BUD) slumped 8.5% after the brewer cut its full-year forecasts due to declining sales, while Boeing (NYSE:BA) dipped 0.9% after it was blamed in an Indonesian report for the fatal crash of a Lion Air flight involving the company’s 737 MAX jet.

Still, most companies have posted positive results this quarter, with 80% of the 168 S&P 500 companies that have reported earnings so far beating profit expectations, according to Refinitiv data.

"We've had some misses ... mostly due to trade war concerns, but overall, it looks like we're headed for a fairly good earnings season," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.

Intel (NASDAQ:INTC) was one of the stocks to do better than expected. Its stock jumped 6% after it raised its full-year revenue outlook on the back of a strong third quarter, while Visa (NYSE:V) gained 1% on a jump in revenue.

In commodities, the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.2% to 97.547 and gold futures gained 0.8% to $1,516.95 a troy ounce. Crude oil futures were down 0.3% to $56.08 a barrel.

-Reuters contributed to this report

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