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US STOCKS-Wall Street ends lower, weighed down by Apple

Fri 30th April, 2021 9:24pm
(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
    * Twitter plunges on dull second-quarter outlook     
    * Chevron down as profit drops on weaker refining margins
    * U.S. consumer spending rebounds in March
    * Indexes: Dow -0.54%, S&P 500 -0.72%, Nasdaq -0.85%        
 

 (Updates after market close)
    By Noel Randewich and Shivani Kumaresan
    April 30 (Reuters) - Wall Street ended lower on Friday, with
Amazon, Apple, Alphabet and other tech-related companies
weighing on the S&P 500 and Nasdaq despite recent strong
quarterly earnings reports.
    A day after the S&P 500 closed at a record high, Apple
 AAPL.O , Google-parent Alphabet  GOOGL.O  and Facebook  FB.O 
each gave back gains following upbeat quarterly reports this
week.
    Amazon.com Inc  AMZN.O  ended down 0.1% after it posted
record profit late on Thursday and signaled that consumers would
keep spending in a growing U.S. economy. Amazon had been up over
2% earlier in the session.  urn:newsml:reuters.com:*:nL1N2MM30A
    Twitter Inc  TWTR.N  plunged 15% after it offered a tepid
revenue forecast for the second quarter, saying user growth
could slow as the boost seen during the pandemic fizzles.
 urn:newsml:reuters.com:*:nL1N2MM2VC
    While megacap favorites posted largely strong earnings in
the first quarter, their shares have struggled to maintain the
upward trajectory that many had coming into reporting season. 
    "There is a sense that maybe next quarter is as good as it's
going to get, and we're going to roll over, particularly among
the Nasdaq stocks and Big Tech stocks that benefited from the
pandemic," said Jack Ablin, chief investment officer at Cresset
Wealth Advisors in Palm Beach, Florida.
    Seven of the 11 major S&P 500 sector indexes fell, with
technology  .SPLRCT  and materials  .SPLRCM  down more than 1%,
and energy  .SPNY  falling almost 3%.
    Of the 303 companies in the S&P 500 that have reported so
far, 87% have topped analysts' earnings estimates, with
Refinitiv IBES data now predicting a 46% jump in profit growth.
    Data on Friday showed U.S. consumer spending rebounded in
March amid a surge in income as households received additional
COVID-19 pandemic relief money from the government.  urn:newsml:reuters.com:*:nL1N2MM2M2
    The Dow Jones Industrial Average  .DJI  fell 0.54% to end at
33,875.31 points, while the S&P 500  .SPX  lost 0.72% to
4,181.21. 
    The Nasdaq Composite  .IXIC  dropped 0.85%, to 13,962.68.
    Despite Friday's weakness, the Nasdaq completed its sixth
consecutive month of gains, rising 5.4% in April. The Dow added
2.7% in April while the S&P 500 rose 5.2%, both gaining for a
third month in a row.
    For the week, the S&P 500 was about flat, the Dow lost 0.5%
and the Nasdaq shed 0.4%.
    Chevron Corp  CVX.N  dropped 3.6% after its first-quarter
profit fell 29%, hit by weaker refining margins and production
losses.  urn:newsml:reuters.com:*:nL1N2ML3IQ
    AbbVie Inc  ABBV.N  rose 0.5% after it reported strong
results and raised its 2021 earnings forecast, helped by demand
for its rheumatoid arthritis drug in the United States.
    Declining issues outnumbered advancing ones on the NYSE by a
2.13-to-1 ratio; on Nasdaq, a 2.13-to-1 ratio favored decliners.
    The S&P 500 posted 52 new 52-week highs and no new lows; the
Nasdaq Composite recorded 84 new highs and 45 new lows.  
    Volume on U.S. exchanges was 10.3 billion shares, compared
with the 9.8 billion full-session average over the last 20
trading days.

 (Reporting by Shivani Kumaresan and Shreyashi Sanyal in
Bengaluru, and by Noel Randewich in Oakland, Calif.; Editing by
Marguerita Choy)
 ((noel.randewich@tr.com; (415) 677 2542, Twitter: @randewich;))
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