HomeBusinessUS stocks fall after erasing previous gains as Apple sells off profits

US stocks fall after erasing previous gains as Apple sells off profits

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  • US stocks closed lower after reversing previous gains as Apple dragged indexes lower.

  • Apple shares plummeted 4.8% as quarterly revenue continued to decline.

  • The monthly jobs report came in at 187,000, slightly below expectations for July.

US stocks closed lower on Friday after giving up previous gains as they hedged a weekly loss for the markets.

Apple shares plummeted 4.8% after quarterly revenue fell again. Meanwhile, Amazon rose 9% as earnings beat forecasts.

Elsewhere, the Labor Department’s jobs report for July showed payrolls rose by 187,000, below estimates. But wages rose faster than expected, potentially putting pressure on the Federal Reserve to remain aggressive.

For the week, the Dow lost 1%, the S&P 500 fell 2.3% and the Nasdaq fell 2.8%.

Here’s where the US indices were at the 4:00 PM ET closing bell on Friday:

Here’s what else happens:

In commodities, bonds and crypto:

Read the original article on Business Insider

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