Home Economy GLOBAL MARKETS-U.S. stocks slip, dollar has worst week in almost two months

GLOBAL MARKETS-U.S. stocks slip, dollar has worst week in almost two months

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(Updates prices, adds dollar’s weekly performance)

* Nasdaq drops 0.7% as Amazon slumps 7.6%

* Dow, S&P 500 shed 0.4-0.5% each

* STOXX 600 down 0.45%

* Dollar bounces after remarks by St. Louis Fed President Bullard

By Koh Gui Qing

NEW YORK, July 30 (Reuters) – U.S. stocks dropped on Friday to pull further from record highs as an underwhelming earnings report from Amazon.com Inc dampened the market mood, while the dollar bounced from its lows but still suffered its worst week in nearly two months.

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.

Investors sold Amazon stock as the online retailer revenue of $113 billion in the second quarter was $2 billion shy of analysts’ forecasts.

Amazon shares slumped 7.6%, dragging the tech-focused Nasdaq Composite down 0.7%. That fed profit-taking…

Click here for full article…finance.yahoo.com