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GLOBAL MARKETS-US stocks slip on Amazon earnings, dollar near 1-month low

Fri 30th July, 2021 3:36pm
(Updates throughout, adds U.S. shares) * Nasdaq drops 0.9% as Amazon slumps 7% * STOXX 600 down 0.18% * Dollar languishes near 1-month low By Koh Gui Qing and Simon Jessop NEW YORK/LONDON, July 30 (Reuters) - U.S. stocks dropped on Friday to pull further from record highs as an underwhelming earnings report from Amazon.com Inc AMZN.O dampened the market mood, while the dollar rose a shade but hovered near a one-month low. After making record profits during the pandemic, Amazon said late on Thursday that its sales growth would slow in the next few quarters as people ventured outside their homes post-pandemic and reduced online shopping. urn:newsml:reuters.com:*:nL4N2P53XQ Investors sold the stock on the remarks even though the giant online retailer still earned an eye-watering $113 billion in revenues in the second quarter, albeit $2 billion shy of analysts' forecasts. In early Friday trade, Amazon shares slid 7.3%, dragging the tech-focused Nasdaq Composite .IXIC down 0.91%. That fed profit-taking elsewhere, with the S&P 500 .SPX losing 0.44%, while the Dow Jones Industrial Average .DJI was flat, up just 0.04%. Both the S&P 500 and the Dow had struck record highs on Thursday. "Amazon's weak report and the impact on futures immediately made its impact felt on global markets," said Paul Hickey, co-founder of Bespoke Investment Group, LLC. But Hickey noted that "just because investors haven't reacted to the company's recent reports with excitement doesn't mean Amazon has been a poor performer," adding that the share has climbed 17% in the past year. Still, Amazon's warning of slowing growth gave investors a reason to tamper recent market exuberance and cash in profits. The pan-European STOXX 600 index .STOXX lost 0.18% and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.46%. That investors were not scooping up risky assets nudged Treasury yields lower. Benchmark 10-year Treasury yields US10YT=RR retreated to 1.2406%, from 1.269% late on Thursday. The yield on the 2-year note US2YT=RR fell to 0.1937%, from 0.201%. US/ The dollar, which hit a one-month low on Thursday, was flat, as bullish dollar investors shied the greenback after the Federal Reserve seemed to strike a dovish tone this week by saying it will watch economic data before withdrawing any policy support. The dollar index =USD inched up just 0.09%, and the euro EUR=EBS was also flat, down 0.07% at $1.1878. USD/ Oil prices kept their march higher though, as investors bet that vaccinations would alleviate the impact of a resurgence in COVID-19 infections across the globe and keep demand growing faster than supply. O/R Brent LCOc1 was down 0.22% at $75.88 per barrel and U.S. West Texas Intermediate crude CLc1 traded down 0.43% at $73.30. Brent crude is still up nearly 2% for the week. U.S. crude CLc1 recently rose 0.31% to $73.85 per barrel and Brent LCOc1 was at $76.34, up 0.38% on the day. Gold prices, which rose this week on hopes that bullion would be a good hedge against inflation given a dovish Fed, succumbed to slight profit-taking on Friday. Spot gold XAU= dropped 0.2% to $1,824.41 an ounce. U.S. gold futures GCc1 fell 0.31% to $1,825.50 an ounce. GOL/ <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Global assets http://tmsnrt.rs/2jvdmXl Global currencies vs. dollar http://tmsnrt.rs/2egbfVh Emerging markets http://tmsnrt.rs/2ihRugV MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Additional reporting by Andrew Galbraith; Editing by Christopher Cushing, Kim Coghill, William Maclean, Timothy Heritage and Joe Bavier) ((Andrew.Galbraith@tr.com; +86 21 2083 0079; Reuters Messaging: andrew.galbraith.thomsonreuters.com@reuters.net ; Twitter: https://twitter.com/apgalbraith)) ((For Reuters Live Markets blog on European and UK stock markets, please click on: LIVE/ ))
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