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Markets Right Now: Stocks fade on weak retail results


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NEW YORK (AP) — The latest on developments in financial markets (All times local):

4:00 p.m.

Stocks are closing mostly lower after Amazon and other big companies reported quarterly results that disappointed investors.

Tobacco stocks fell more than the rest of the market Friday after the U.S. government said it's considering limiting the amount of nicotine in cigarettes. Altria plunged 9.5 percent.

Amazon lost 2.5 percent after its second-quarter profit fell far short of expectations as the company invested more money in its business.

Starbucks sank 9.2 percent after issuing a weak forecast. The company is also closing down its Teavana stores.

The Standard & Poor's 500 index lost 3 points, or 0.1 percent, to 2,472.

The Dow Jones industrial average rose 33 points, or 0.2 percent, to 21,830, another record. The Nasdaq composite fell 7 points, or 0.1 percent, to 6,374.

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11:45 a.m.

U.S. stocks are mostly lower after Amazon and several other big companies reported quarterly results that disappointed investors.

Health care stocks also fell Friday, but less than the rest of the market, following the Senate's latest stumble in its drive to revamp the country's health care system.

Amazon fell 2.8 percent after its second-quarter profit fell far short of expectations as the company invested more money in its business.

Starbucks sank 8.5 percent as investors were disappointed with its forecasts.

The Standard & Poor's 500 index lost 5 points, or 0.2 percent, to 2,469.

The Dow Jones industrial average was little changed at 21,796. The Nasdaq composite fell 15 points, or 0.2 percent, to 6,366.

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9:35 a.m.

Stocks are opening lower as steep losses for Amazon and Starbucks drag retailers and other consumer-focused companies lower.

Amazon fell 4 percent Friday after its second-quarter profit fell far short of expectations as the company invested more money in its business.

Starbucks sank 7.3 percent as investors were disappointed with its forecasts, and toymaker Mattel shed 8.2 percent following a weak report.

The U.S. government said the economy grew 2.6 percent from April to June. That was a big improvement from the previous three months, but a bit less than analysts expected.

The Standard & Poor's 500 index lost 4 points, or 0.2 percent, to 2,470.

The Dow Jones industrial average dipped 9 points to 21,786. The Nasdaq composite fell 31 points, or 0.5 percent, to 6,350.

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