US open: Stocks trade lower as Big Tech earnings remain in focus

(Sharecast News) - Major indices were in the red early on Friday following another batch of Big Tech earnings overnight.

As of 1515 BST, the Dow Jones Industrial Average was down 0.36% at 52,018.26, while the S&P 500 shed 0.40% to 7,408.07 and the Nasdaq Composite came out of the gate 0.35% firmer at 25,034.44.

The Dow opened 189.80 points higher on Friday, taking a bite out of gains recorded in the previous session, as investors digested more Big Tech earnings from overnight, with Amazon reporting that it had delivered its first $200bn quarter, driven by a sharp acceleration in AWS and advertising. AWS revenues rose 37%, its fastest growth in more than four years, while overall earnings hit $5.75 per share, more than triple analysts' expectations. Group revenues reached $200.6bn, ahead of forecasts, and advertising sales climbed 26% year on year to $19.8bn.

Going the other way, Apple traded lower in early action despite posting strongerthanexpected thirdquarter results, with revenues up 16.4% to $109.42bn, ahead of forecasts, as higher iPhone and MacBook sales helped lift performance across its hardware lines. Earnings came in at $2.02 per share, including an $0.11 benefit from US tariff refunds. However, the stock headed south after its services and Greater China sales came up short.

In terms of Friday's earnings, ColgatePalmolive posted 4.9% sales growth, 8% base business earnings per share growth, and reiterated its fullyear guidance, while Chevron posted record second-quarter net income of $12.1bn, or $6.11 per diluted share, driven by surging global oil prices, and ExxonMobil reported Q2 2026 adjusted earnings of $14.7bn, or $3.52 per share, falling slightly short of Wall Street estimates slightly by about $0.02 to $0.08 per share.

Elsewhere, Iran's army claimed that it had launched strikes on strategic US assets and military bases in both Kuwait and Bahrain, following Washington's latest round of attacks against the Islamic Republic.

On the macro front, worker compensation rose slightly faster than expected in the second quarter, but continued to trail inflation, according to the Bureau of Labor Statistics. The employment cost index increased 0.9% between April and June, just ahead of the 0.8% rise economists had pencilled in. On an annual basis, the index was up 3.4%, a touch below the 3.5% gain recorded in the consumer price index.

On another note, the University of Michigan's consumer sentient index was revised up to 55.2 for July, from an initial reading of 54.0, marking its strongest level since February before the US-Iran conflict pushed fuel prices higher. Sentiment improved across all demographic groups, and the fiveyear outlook for business conditions hit a 12month high, though it remained well below longrun norms. Despite the upgrade, overall sentiment was still 11% lower year-on-year, with households citing persistent concerns over elevated prices and the lingering impact of years of high inflation. Yearahead inflation expectations eased to 4.2% from 4.6% in June, while longrun expectations were unchanged at 3.3%.

Finally, the Institute for Supply Management's Chicago business barometer rose to 57.6 in July, up from 56.7 in June and ahead of expectations for a reading of 56.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Intel Corp. (INTC) $93.66 6.63%

Caterpillar Inc. (CAT) $821.65 2.23%

Cisco Systems Inc. (CSCO) $115.35 1.94%

Microsoft Corp. (MSFT) $459.35 1.73%

American Express Co. (AXP) $337.79 0.72%

Chevron Corp. (CVX) $193.15 0.71%

Goldman Sachs Group Inc. (GS) $1,026.52 0.53%

Walt Disney Co. (DIS) $96.08 0.34%

JP Morgan Chase & Co. (JPM) $351.11 0.31%

Travelers Company Inc. (TRV) $374.82 0.09%

Dow Jones - Fallers

Apple Inc. (AAPL) $305.24 -8.26%

Boeing Co. (BA) $216.21 -1.84%

Coca-Cola Co. (KO) $87.26 -1.23%

Nike Inc. (NKE) $41.88 -0.96%

Visa Inc. (V) $362.73 -0.67%

Dow Chemical Co. (DOW) $29.90 -0.66%

Procter & Gamble Co. (PG) $142.66 -0.57%

Johnson & Johnson (JNJ) $254.38 -0.37%

Verizon Communications Inc. (VZ) $46.01 -0.37%

3M Co. (MMM) $175.35 -0.34%

S&P 500 - Risers

Amazon.Com Inc. (AMZN) $268.40 14.02%

Micron Technology Inc. (MU) $870.32 8.96%

Advanced Micro Devices Inc. (AMD) $494.75 7.37%

Intel Corp. (INTC) $93.66 6.63%

Western Digital Corp. (WDC) $551.36 6.56%

Arista Networks Inc. (ANET) $179.31 5.86%

Regeneron Pharmaceuticals Inc. (REGN) $739.82 5.63%

Corning Inc. (GLW) $142.96 5.52%

Applied Materials Inc. (AMAT) $511.13 4.95%

Akamai Technologies Inc. (AKAM) $114.83 4.41%

S&P 500 - Fallers

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

Apple Inc. (AAPL) $305.24 -8.26%

Western Union Co. (WU) $6.97 -8.19%

Stryker Corp. (SYK) $322.78 -8.11%

CH Robinson Worldwide Inc (CHRW) $146.47 -5.67%

T. Rowe Price Group Inc. (TROW) $112.77 -4.84%

FMC Corp. (FMC) $11.39 -3.76%

Incyte Corp. (INCY) $119.42 -3.69%

Jack Henry & Associates Inc. (JKHY) $151.71 -3.34%

Verisk Analytics Inc. (VRSK) $196.74 -3.21%

Nasdaq 100 - Risers

Amazon.Com Inc. (AMZN) $268.78 14.02%

Micron Technology Inc. (MU) $877.49 8.96%

Intel Corp. (INTC) $94.02 6.63%

Western Digital Corp. (WDC) $553.37 6.56%

Regeneron Pharmaceuticals Inc. (REGN) $740.18 5.63%

Baidu Inc. (BIDU) $108.96 5.05%

Applied Materials Inc. (AMAT) $514.00 4.95%

Alphabet Inc. Class C (GOOG) $342.71 3.18%

Meta Platforms Inc. (META) $548.14 2.99%

American Airlines Group (AAL) $15.32 2.80%

Nasdaq 100 - Fallers

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

Apple Inc. (AAPL) $305.02 -8.26%

Vodafone Group Plc ADS (VOD) $15.55 -3.92%

Incyte Corp. (INCY) $119.08 -3.69%

T-Mobile Us, Inc. (TMUS) $172.64 -3.57%

Verisk Analytics Inc. (VRSK) $196.47 -3.21%

Align Technology Inc. (ALGN) $168.02 -3.14%

Booking Holdings Inc. (BKNG) $192.57 -3.00%

Kraft Heinz Co. (KHC) $26.14 -2.20%

Adobe Systems Inc. (ADBE) $244.43 -1.88%