Markets Right Now: Weak earnings pull US stocks lower

By Associated Press

Stocks are opening broadly lower on Wall Street, a day after a massive surge, as a number of big companies reported disappointing results.

Technology and consumer-focused companied led the declines early Friday.

Amazon slumped 8.6 percent and Google’s parent company, Alphabet, gave back 3.8 percent. Both reported revenue that fell short of analysts’ estimates.

Colgate-Palmolive sank 5.3 percent after its results fell short.

Chipmaker Intel was a bright spot, gaining 2 percent after reporting a strong quarter.

The S&P 500 index fell 42 points, or 1.5 percent, to 2,664.

The Dow Jones Industrial Average fell 240 points, or 0.9 percent, to 24,757. The tech-heavy Nasdaq composite dropped 176 points, or 2.4 percent, to 7,145.

Bond prices rose. The yield on the 10-year Treasury note fell to 3.09 percent.

This article provided by NewsEdge.