US Stocks Dropping Despite Huge Profits From Amazon And Dow Jones Down 200 Points

The S&P 500 index fell 0.75%, while the Dow Jones Industrial Average declined 200 points, and the Nasdaq index fell 0.85%.

And Amazon, the last of the Wall Street mega tech companies to publish their results, reported record profits in the first quarter of the year.

The Seattle-based company said profits more than tripled to $8.1 billion, and sales from January to March rose 44% to $108 billion.

The results blew Wall Street expectations as the company reported earnings of $15.79 per share versus the consensus estimate of $9.54.

Amazon results showed that demand remained strong for its massive online retail business even as the economy began to open up.

Meanwhile, Twitter moved in the opposite direction as results from user growth and second-quarter revenue guidance fell short of analyst expectations.

The social media platform said the number of daily active users who could be monetized had reached 199 million in the three months ending March 31 and reported earnings per share of 16 cents.

Twitter shares are down 14%.

Apple shares are under slight pressure in the market after the European Union said the company’s app store was violating its own competition rules, and shares fell 1.4%.

Friday’s weakness in equities could threaten major average gains week.

The Dow and Nasdaq have now been in the red since Monday. Nevertheless, the S&P 500 remains in the green this week, after closing at record levels on Thursday in the wake of earnings results from Apple and Facebook.