US open: Stocks slide as tech giants tumble and inflation concerns linger

(Sharecast News) - Major indices were in the red early on Friday as tech giants Amazon and Intel weighed on sentiment after their latest quarterly numbers disappointed investors.

As of 1445 GMT, the Dow Jones Industrial Average was down 0.52% at 52,071.13, while the S&P 500 shed 1.26% to 7,622.80 and the Nasdaq Composite came out of the gate 2.10% weaker at 25,634.77.

The Dow opened 271.43 points lower on Friday, extending losses recorded in the previous session after investors digested an acceleration in inflation in September and faster-than-expected economic growth in the third quarter.

Amazon was in focus early on Friday after the tech giant posted weakerthanexpected thirdquarter numbers, missing Wall Street forecasts on both the top and bottom lines. Amazon reported EPS of $1.89 on $201.9bn of revenues, below consensus estimates. Amazon also kept its 2026 capex forecast at $220bn, adding to the cautious tone.

Elsewhere, Intel slumped 27.48% after issuing a downbeat outlook for the current quarter, citing a slowdown in PC demand, with revenue in its client computing and physical AI division falling 5% yearonyear to $8.1bn, while Sandisk also traded lower despite beating fiscal firstquarter estimates and announcing it would proceed with an eightforone forward stock split.

In terms of Friday's earnings, ExxonMobil and Chevron both reported lower quarterly profits on Friday, with the two oil majors delivering contrasting performances. Chevron posted net income of $9.9bn, down 17% on the prior quarter after taking a $1.6bn hit from inventoryrelated timing effects, while Exxon reported $15.4bn of net income, its strongest result since the surge in energy prices following Russia's 2022 invasion of Ukraine.

ColgatePalmolive reported thirdquarter earnings of $751m, with net income of $0.94 per share. Adjusted earnings came in at $0.97, ahead of the $0.92 expected by analysts, revenues also beat forecasts, rising to $5.37bn versus expectations of $5.33bn.

On the macro front, employment costs continued to rise in September, with the Bureau of Labor Statistics reporting a 0.8% increase in civilian worker compensation over the threemonth period, driven by a 0.7% gain in wages and a 0.9% rise in benefits. Over the year, compensation was up 3.4%, with wages increasing 3.1% and benefits 3.9%.

Elsewhere, the Institute for Supply Management's Chicago purchasing managers index decreased to 55.30 points in October, down from 58.80 points in September.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Verizon Communications Inc. (VZ) $44.78 2.52%

Chevron Corp. (CVX) $235.71 1.77%

Coca-Cola Co. (KO) $94.26 1.73%

Procter & Gamble Co. (PG) $162.99 1.50%

Dow Chemical Co. (DOW) $34.04 1.26%

Merck & Co. Inc. (MRK) $147.72 1.24%

Nike Inc. (NKE) $38.74 1.00%

Travelers Company Inc. (TRV) $401.01 0.79%

Amgen Inc. (AMGN) $467.71 0.74%

Visa Inc. (V) $413.20 0.73%

Dow Jones - Fallers

Intel Corp. (INTC) $66.96 -27.68%

Cisco Systems Inc. (CSCO) $104.45 -5.07%

Goldman Sachs Group Inc. (GS) $902.29 -3.03%

Caterpillar Inc. (CAT) $635.04 -2.09%

JP Morgan Chase & Co. (JPM) $339.14 -1.43%

Microsoft Corp. (MSFT) $523.69 -1.22%

International Business Machines Corporation (CDI) (IBM) $255.81 -1.08%

American Express Co. (AXP) $320.18 -1.07%

Apple Inc. (AAPL) $346.83 -0.84%

3M Co. (MMM) $176.08 -0.68%

S&P 500 - Risers

FMC Corp. (FMC) $5.84 22.95%

Capri Holdings Limited (CPRI) $18.87 16.56%

Regeneron Pharmaceuticals Inc. (REGN) $908.59 10.49%

Dollar Tree Inc (DLTR) $134.27 5.30%

Autodesk Inc. (ADSK) $249.22 5.06%

Gilead Sciences Inc. (GILD) $170.63 5.03%

Comcast Corp. (CMCSA) $22.92 5.00%

Intuit Inc. (INTU) $339.30 4.44%

Tractor Supply Company (TSCO) $33.55 4.41%

Adobe Systems Inc. (ADBE) $253.75 4.15%

S&P 500 - Fallers

Intel Corp. (INTC) $66.96 -27.68%

Illumina Inc. (ILMN) $248.64 -13.47%

NetApp Inc. (NTAP) $200.57 -10.56%

Advanced Micro Devices Inc. (AMD) $514.80 -10.41%

Dxc Technology Company (DXC) $13.84 -9.19%

Coterra Energy Inc. (CTRA) $32.56 -8.62%

HP Inc (HPQ) $29.22 -8.12%

Resmed Inc. (RMD) $233.21 -7.64%

Hewlett Packard Enterprise (HPE) $54.76 -7.07%

Arista Networks Inc. (ANET) $171.30 -7.02%

Nasdaq 100 - Risers

Regeneron Pharmaceuticals Inc. (REGN) $908.59 10.49%

Autodesk Inc. (ADSK) $249.22 5.37%

Dollar Tree Inc (DLTR) $134.27 5.30%

T-Mobile Us, Inc. (TMUS) $155.33 5.25%

Gilead Sciences Inc. (GILD) $170.63 5.03%

Comcast Corp. (CMCSA) $22.92 5.00%

Intuit Inc. (INTU) $339.30 4.76%

Incyte Corp. (INCY) $120.61 4.15%

Sirius XM Holdings Inc (SIRI) $28.97 4.10%

Adobe Systems Inc. (ADBE) $253.75 4.04%

Nasdaq 100 - Fallers

Intel Corp. (INTC) $66.96 -27.68%

Qvc Group Inc Series A (QVCGA) $0.34 -13.49%

Illumina Inc. (ILMN) $248.64 -13.35%

QUALCOMM Inc. (QCOM) $167.73 -6.83%

Micron Technology Inc. (MU) $896.10 -6.43%

Western Digital Corp. (WDC) $368.89 -5.46%

Cisco Systems Inc. (CSCO) $104.45 -5.04%

Lam Research Corp. (LRCX) $241.88 -4.53%

Broadcom Inc. (AVGO) $326.89 -4.38%

American Airlines Group (AAL) $12.37 -3.96%