Wall Street retreats in early trading on disappointing earnings
- Source: Xinhua
- [13:03 July 27 2009]
- Comments
Wall Street retreated in early trading Friday, as disappointing reports from Microsoft Corp. and Amazon.com Inc. weighed on stocks.
Microsoft shares dropped seven percent in early trading after the tech giant said late Thursday that its revenue fell short of analysts' expectations.
Amazon.com also reported weaker-than-expected sales, with its shares falling more than six percent. The tech-heavy Nasdaq tumbled on the reports and broke its first 12-day rally since 1992.
Investors also awaited a consumer sentiment index from Michigan University due at 9:55 a.m. EST (1355 GMT).
The Dow Jones industrials fell 36.58 points to 9,032.71. Broader indexes also moved lower. The Standard & Poor's 500 index dipped 5.80 to 970.49; and the Nasdaq lost 27.76 to 1,945.84.
Stocks surged Thursday after existing home sales rose in June, a performance better than economists had expected. The Dow jumped almost 190 points to its first close above 9,000 points since early January.
