US stocks drop from record highs as weak earnings from Amazon and Apple stoke supply-chain fears

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US stocks drop from record highs as weak earnings from Amazon and Apple stoke supply-chain fears
Apple and Amazon shares pulled back Friday. Brendan McDermid/Reuters

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  • The S&P and the Nasdaq Composite lost ground Friday, pulling back from record highs.
  • Apple and Amazon shares weighed on indexes after disappointing third-quarter results.

US stocks fell from record highs Friday as investors wrap up October trade with disappointing financial updates from tech behemoths Apple and Amazon.

The Nasdaq Composite and S&P 500 index pulled back from Thursday's record close, with shares of Apple and Amazon in the red. The companies late Thursday posted third-quarter sales that missed analyst expectations as they had to contend with supply-chain problems.

While stock indexes sagged, they were still in line for hefty gains for October, led by a nearly 7% rise for the Nasdaq Composite.

Here's where US indexes stood at 9:30 a.m. on Friday:

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Investors on Friday also assessed economic data that in part showed consumer spending rose by 0.6% in September, higher than the consensus estimate of 0.5% from Econoday but slower than the 1% increase in August.

Around the markets, gold lost 0.7% at $1,789 per ounce. The 10-year yield rose to 1.606%.

Oil prices slipped. West Texas Intermediate crude eased 0.1% to $82.73 per barrel. Brent, oil's international benchmark, fell 1.3% to $83.43.

Bitcoin rose 1% to $61,173.12.

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