LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS

Read in App
Business News » World News

Wall Street set to open lower as Amazon weighs on tech stocks

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
Updated: Fri, Jul 28, 2017
06:39 pm
Reuters

U.S. stock indexes looked set to open lower on Friday as Amazon`s profit miss took a toll on technology shares.

Amazon`s shares were down 3.15 percent in premarket trading after it reported a 77 percent drop in profit as its rapid and costly expansion into new shopping categories and countries showed no sign of slowing.

The fall weighed on the tech index, which has been the best performing sector this year, leading the S&P 500`s 10.6 percent run in 2017.

Facebook, Google parent Alphabet and Netflix, part of the high-flying "FANG" stocks, were also lower.

Risk sentiment also took a hit following the failure of Republicans to repeal Obamacare in a tight Senate vote overnight.

Investors are worried about the ability of President Donald Trump to legislate his pro-growth agenda of tax reform and higher spending on infrastructure.

"It appears that Obamacare has become a nightmare for Trump and not good news for the markets as well," said Naeem Aslam, chief market analyst at ThinkMarkets.

"The ability of Trump to deliver on his many promises such as tax and stimulus packages are really shattered. This is going to have a negative impact on the markets as the Trump trade would wind up even further."

Despite a fall in tech and transport stocks, the Dow industrials posted a record closing high on Thursday, helped by strong quarterly earnings.

The second-quarter earnings of the S&P 500 companies are expected to have risen 10.7 percent, compared with an 8 percent increase expected at the start of the month, according to Thomson Reuters I/B/E/S.

Dow e-minis were down 31 points, or 0.14 percent, with 25,273 contracts changing hands at 8:33 a.m. ET (1233 GMT).

S&P 500 e-minis were down 5.5 points, or 0.22 percent, with 189,217 contracts traded.

Nasdaq 100 e-minis were down 40.5 points, or 0.69 percent, on volume of 48,182 contracts.

Data showed that the U.S. economy accelerated in the second quarter as consumers ramped up spending and businesses invested more on equipment.

Gross domestic product increased at a 2.6 percent annual rate in the April-June period, up from 1.2 percent in the first quarter, the Commerce Department said in its advance estimate.

Starbucks fell 6.55 percent, while Mattel was down 5.16 percent after their quarterly reports.

Exxon was down 1.89 percent after the world`s largest publicly traded oil producer`s quarterly profit missed estimates.

Intel rose 1 percent after the chipmaker lifted its revenue forecast.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:

LATEST NEWS

Bitcoin, Tesla and US technology stocks were the two assets deep in the bubble territory indicated by Deutsche Bank

Reliance Industries Share price and Target price Rs 2090: Buys says HSBC, RIL morphing into this

Westlife has plans to open 25-30 new restaurants in FY22: Amit Jatia, Vice-Chairman

Salma Hayek joins the ''Bernie Sanders'' viral meme bandwagon

Yes Bank Share price: After Q3 result, asset Quality back in focus, Elara Capital recommends Sell with a target price of Rs 6

Gmail user? Important update warning issued by Google; if you don't do this, you will be blocked and not be able to use special features

Kangana alleges ''gandagi'' in Bollywood as she slams farmers'' stir violence

Shehnaaz Gill rings in birthday with Sidharth Shukla

TikTok to cut jobs in India after ban extends

Anil Singhvi’s Strategy January 27: Day support zone on Nifty is 14,125-14,150 & Bank Nifty is 30,900-31,000

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved