Wall Street with a minus sign, Amazon and Pinterest are bad after the results

Milan (Finanza.com)

Sales dominate Wall Street in the last session of the week and in July. Shortly after the launch, the S&P500 fell 0.4%, while the Nasdaq left 0.9% on the scale. The Dow Jones Industrial Average settled -0.02%. Inflation fears and some disappointing corporate numbers weigh on trade.

The US inflation rate as measured by the core personal consumption expenditures index rose 3.5% y/y in June, up from 3.4% y/y in May. However, the growth of the index – which the Fed is focusing on to monitor the trend of inflationary pressures – was less than the expected 3.7% increase.

Among stocks, beware of Amazon dropping more than 7% after disappointing quarterly report. In particular, the e-commerce giant had $113.08 billion in sales in the second quarter, lower than the $115.2 billion consensus forecast of analysts interviewed by Refinitiv. Business volume growth was +27% year over year, a sharp slowdown compared to the +41% growth rate of business in the second quarter of 2020. Business volume in the second quarter was worse than expected for the first time in three years, in the face of poor guidance.

Practically, with the reopening of the global economy, Amazon has lost that powerful help from “stay-at-home” measures, which prompted consumers, confined to their homes, to hoard online purchases.

Pinterest was up 17% after news of the loss of monthly users during the quarter ending June 30.

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