Despite Results From Apple And Amazon Wall Street Rose At The End Of The Week

Despite Results From Apple And Amazon Wall Street Rose At The End Of The Week

Wall Street ended the week in good spirits, despite disappointing quarterly results from Apple and Amazon due to restrictions and higher costs in the supply chain.

Despite trading most of the day in negative territory, the Dow Jones rose 0.25%, while the S&P 500 and the Nasdaq Composite advanced 0.17% and 0.33%, respectively.

Apple shares fell 3.5% yesterday after the company reported a profit of US $ 1.24 per share, in line with estimates, on sales of US $ 83.4 billion, below expectations of US $ 84.9 billion.

The company said supply chain constraints due to chip shortages were worse than expected. IPhone sales were $ 38.9 billion, below expectations of $ 41.5 billion.

Amazon shares fell 4.2% after the company reported a profit of US $ 6.12 per share, missing estimates of US $ 8.92 per share, on sales of US $ 110.8 billion, below expectations of US $ 111.6

The company said labor shortages, higher shipping costs and other rising expenses are hurting profits. Management was also guided by current quarter sales of $ 135 billion at the midpoint of its range, below analysts’ expectations of $ 142 billion.

“Investors seem to have some sugar already as Halloween approaches,” EP Wealth Advisors managing director of portfolio strategy Adam Phillips told Bloomberg.

“Most of us were prepared for a bumpy ride today after yesterday’s announcements from Apple and Amazon. Fortunately, today’s positive reports from companies like Exxon and Chevron helped change the narrative,” he added.

The main index of Chilean stocks , the S&P IPSA ended the week practically flat, registering a slight decline of 0.10% compared to yesterday’s close, at 4,092 points.

Within the index, the biggest falls were recorded by Enel Chile (3.87%), together with CMPC (3.29%) and ColbĂșn (3.28%). On the contrary, the gains were from Aguas Andinas (5.56%), Parque Arauco (4.30%) and Ripley (3.80%).

According to Renta4 analysts, by noon, all the main economic news that had been reported during the morning had already been internalized, among which the fall in the unemployment rate of the July-September mobile quarter and the IPSA fell 0.67% compared to the previous closing.

“However, as of approximately 12:30, it was known that the Senate did not put on the table the draft of the withdrawal of 10% and, therefore, it is not necessary to quickly discuss the indications.

It is likely that the vote on this project will be left until after the elections, not having an effect on them, and it is possible that its discussion will be until after the November 21 elections, which could mean that it is not even approved, “they add.

Leave a Reply

Your email address will not be published. Required fields are marked *