The Dow Jones Industrial Average was up 25 points, 0.07%, to 35,755. The S&P 500 slipped 0.01%, while the Nasdaq was off 0.01%, with both indexes reaching record intraday highs.
In economic news, the core July PCE Price Index rose 3.6% from last year, easing from the multidecade highs recorded in June, and 0.3% on the month, the Bureau of Economic Analysis reported. The figures were largely in line with Wall Street forecasts.
Amazon CFO Brian Olsavsky cautioned that costs linked to hiring, inflation and other “operational disruptions” could rise to as high as $4 billion over the December quarter. He forecast revenue of between $130 billion and $140 billion
Video: Markets set for mixed open after S&P 500 hits record close (CNBC)
“Disappointing Apple and Amazon results last night has pulled the tide back slightly from a very bullish month,” Louis Navellier, chief investment officer at Navellier & Associates, said. “These are very big names to go red during a bullish run. Underneath most it are logistics problems, not a lack of demand.”
Mike Loewengart, managing director of investment strategy with E-Trade Financial, noted that “the curveball thrown from FAANG favorites puts supply chain disruptions and labor shortages center stage.”
“While disappointing megacap earnings may rattle some investors, keep in mind that the Nasdaq and S&P hit record highs this week on the heels of broad earnings strength from a swath of companies,” he said.
“So volatility could be expected as supply and jobs concerns loom large, but jury is still out on just how long they’ll stick around.”
Chevron edged higher after a surge in oil and gas prices from last year’s pandemic lows led to the company’s strongest quarterly profit in eight years and prompted speculation of a dividend hike.
U.S. Steel surged after its best third-quarter profit on record, a dividend boost and plans to repurchase around $300 million of shares.
AbbVie rose after the pharmaceutical titan reported stronger-than-expected results for the third quarter and lifted earnings guidance for the full year.
This article was originally published by TheStreet.