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Tech Stocks Amazon And Google Pull Dow Down With Disappointing Earnings

Amazon and Google have shown disappointing earnings.

The earnings for the third quarter were released on Thursday, after market hours for both Amazon and Google.

Shares of Amazon lost 10 percent, while Alphabet, the parent company of Google fell down by 3.9 percent.

The tech sector showed various reactions with the quarterly results on Thursday. Twitter showed that its monthly active users had fallen down when compared to the previous quarter. Though this was not a very positive factor, the CEO of Twitter, Jack Dorsey has shown that this downside was due to the company’s efforts to wipe out spam and fake accounts.

Amazon which showed a 29 percent increase in its sales for the third quarter fell short of it’s $57.1 billion estimates, as data showed $56.6 billion.

Alphabet which saw sales of $44.74 billion was up with a 21 percent increase. But it fell short of analyst estimates which were projected at $34.05 billion.

Snap, which showed good revenue and earnings however, had a loss of daily active users by 2 million. Shares of Snapchat fell down to $6.55, which was a 6.33 percent drop down for the company.

The growth data in the US for the third quarter will decide the further trading pattern on Wall Street.

The 10 year US Treasuries yield was down by 3 basis points and it saw many investors turn buyers, as a safe haven investment. Similarly, the yield on 10-year German Bund was also seen as a good purchase, as it fell by 2 basis points

In the Forex market, the Chinese currency showed a weak trend as it closed lowest on Friday, to the lows of 2008.

The Japanese yen however strengthened by 0.2 percent which is 112.20 yen per dollar. The dollar index was at 96,657 and showed a steady movement. The euro remained flat at $1.1371. Similarly, the pound was also steady at $1.2812.

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