The U.S. stock market slipped in early trading Friday as shares of major technology companies suffered following disappointing earnings reports.
The Dow Jones Industrials scaled back 43.48 points to 35,687
The S&P 500 dumped 14.35 points to 4,582.07
The NASDAQ Composite slumped 72.88 points to 15.375.24.
Amazon shares dropped 4% in early trading after the e-commerce giant badly missed earnings and revenue expectations for the third quarter. The company also issued disappointing guidance for the critical holiday period.
Apple stock fell 3.5% after the tech giant's quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs. It was the first time Apple's revenues have missed Wall Street estimates since May 2017.
Investors were betting on good tech results in the prior session. The S&P 500 and the Nasdaq Composite both closed Thursday's session at record highs. Both Apple and Amazon gained on Thursday into the results.
Despite the recent disappointing results from Big Tech, the stock market has been raking in records amid solid earnings. About half of the S&P 500 have reported quarterly results and more than 80% of them beat earnings estimates from Wall Street analysts. S&P 500 companies are expected to grow profit by 38.6% year over year.
Shares of Exxon Mobil and Chevron rose in early trading after the energy giants topped earnings expectations. Starbucks was under pressure after revenue from China missed expectations.
Caterpillar and Microsoft were two of the best performers in the Dow, helping the 30-stock average outperform.
All three major averages are on track to post a winning week, their fourth positive week in a row. Month to date, the S&P 500 is up 6.7%, on pace for its best monthly performance since November 2020. The blue-chip Dow has gained 5.6% in October, while the NASDAQ has rallied 6.9%.
Prices for 10-year Treasurys were unchanged, keeping yields at Thursday's 1.57%.
Oil prices ditched $1.16 to $81.65 U.S. a barrel.
Gold prices reversed $27.00 to $1,775.60 U.S. an ounce.