The Nasdaq Composite surged 1.39 per cent to an all-time high. This morning’s retrace took the shine off a strong night in the US. S&P 500 futures fell 17 points or almost 0.4 per cent. Nasdaq futures dived 110 points or 0.7 per cent.
“Labour shortages and supply chain disruptions upset this balance and resulted in additional costs to ensure that we continue to maintain our service levels to customers.” “Our operations are normally well staffed and optimised to be in stock and to deliver to customers in one to two days,” Amazon Chief Financial Officer Brian Olsavsky said. Both companies cited supply-chain problems as factors. Amazon shed 4.05 per cent following its biggest profit decline in four years. “While Amazon missed revenue and earnings expectations, Apple’s revenue fell short of forecasts amid larger-than-anticipated supply constraints.”Īpple, the US’s largest company by market capitalisation, fell 3.53 per cent after iPhone sales fell short of analysts’ expectations. “Apple and Amazon failed to impress investors with their third-quarter report cards,” Kalkine Group CEO Kunal Sawhney said. Apple and slumped in extended trade following poorly-received quarterly updates lodged after the end of regular trade. Positive leads from the US were quickly overshadowed by sharp declines this morning in two of the market’s largest companies. Gains in CSL, ResMed and Afterpay were outweighed by retreats in the banks and miners. The fall pushed the market towards its first weekly decline of an otherwise positive month. The S&P/ASX 200 declined 52 points or 0.7 per cent by mid-session. The share market slid towards back-to-back losses for the first time in more than two weeks as long-term interest rates hit a two-and-a-half year high and earnings misses from Apple and Amazon dragged on US futures. GT1 Green Technology (ASX:GT1) to begin drilling at Seymour.
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