Summary:
- US stocks close lower after Apple's disappointing earnings, with Dow, S&P 500, and Nasdaq all posting losses.
- Amazon's positive third-quarter outlook partially offset the impact of Apple's decline on the S&P 500 and Nasdaq.
- Labor Department data shows slower job growth in the US, indicating a tight labor market that may lead to Federal Reserve interest rate hike.
- ICON Enterprises and Tupperware experienced significant stock movements due to company-specific developments.
- Draft King's shares rose after the sports betting firm raised its fiscal year 2023 revenue outlook.
Wall Street's main index is closed lower on Friday after disappointing earnings from Apple had investors bracing for more downside surprises. The Dow shed over four-tenths of a percent, the S&P 500 lost about half a percent, and the Nasdaq dipped more than three-tenths of a percent. Apple's stock fell 4.8 percent, its biggest daily percentage decline since September of last year. That helped put a dent in the S&P 500 a day after the iPhone maker forecast a continued slide in sales. A partial counterweight to the blow Apple inflicted on the S&P and Nasdaq was Amazon. Its shares rose 8.3 percent the day after the online retailer issued an upbeat third-quarter outlook. All three major indexes posted weekly losses, with some investors taking profits after five months of gains.
[{'subtitle': 'US Job Growth Slows Down', 'content': 'Data from the Labor Department Friday showed that U.S. employers added 187,000 jobs in July, fewer than what many economists had expected. Data for May and June was also revised lower. Despite the slowdown in job growth, Kevin Nicholson, Global Fixed Income Chief Investment Officer at Riverfront Investment Group, says the numbers reflect a still tight labor market, which will force the Federal Reserve to hike interest rates at least once more this year.'}, {'subtitle': 'Company News', 'content': "In other company news, ICON Enterprises, owned by billionaire investor Carl ICON, shed more than 23 percent. The company halved its quarterly dividend months after short-seller Hindenburg Research accused it of operating a Ponzi-like structure for its dividend payouts. Shares of Tupperware rallied 35.5 percent after the company finalized an agreement with its lenders to restructure its debt obligations in an effort to turn around the business. The draft King's shares rose 5.8 percent after the sports betting firm raised its fiscal year 2023 revenue outlook."}]
Despite the mixed performance in the stock market and the concerns over Apple's disappointing earnings, investors are still keeping an eye on the overall economic indicators and job market. The Federal Reserve's potential interest rate hike could have significant implications for the market's future. Additionally, company-specific developments continue to impact individual stocks, with some facing challenges and others finding ways to improve their financial standing.