2023-08-05 21:07:48
Sherif Adel (Washington)
US stocks fell again at the end of trading on Friday, to end their three main indices today and the week in the red zone, led by “Apple” stock, which lost nearly 5% on the last days of the week, after the company with three trillion market capitalization announced results. During the second quarter weaker than last year.
And the three US indices lost the gains they achieved in the first hours of trading, against the backdrop of the issuance of government data that confirmed the continued strength of the US labor market, as investors preferred to take profits after several weeks of strong rises, according to analysts of the “CNBC” economic channel.
By the end of Friday’s trading, the Dow Jones Industrial Average fell by 0.4%, losing 150 points, and the S&P 500 index lost more than half a percentage point, and the Nasdaq index lost a third of it. On the weekly level, the three indices completed the loss, the largest of which was the Nasdaq index, by 2.8%.
And after the end of Thursday’s trading, “Apple” announced a decline in its revenues in the ending quarter compared to last year, despite the fact that the company exceeded expectations in earnings per share and in total revenues. The company sold its famous “iPhone” phone at $39.67 billion during the quarter, while sales in the same quarter of last year were $40.67 billion.
And the share of “Amazon”, the electronic retail giant, violated the general market movement, after the company announced, also on Thursday evening, the growth of its revenues from its main activity, in addition to reducing spending, which supports achieving better results during the current quarter.
On Friday, Amazon shares rose by more than 8%, to end the week at $139.57 per share, although it exceeded $143 during trading.
And before the start of official Friday trading, the US Department of Labor said that US companies created jobs in July that were less than expected, indicating that this represents evidence of slowing US economic growth.
The ministry stated that non-agricultural jobs increased during the month ending by about 187 thousand jobs, while expectations were for an increase of more than 200 thousand jobs. The ministry said the unemployment rate fell to 3.5 percent, close again to its lowest levels in more than half a century.
As if it was responding to Fitch, which downgraded the US credit rating by one notch to “AA+” on Wednesday, the ministry said that the US economy has proven resilient in facing a number of challenges, the most important of which is the decisions to tighten monetary policy represented by raising the interest rate by 5.25%. In less than a year and a half by the Fed; with the aim of curbing inflation.
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