Nasdaq Futures 150 Pts Lower; Amazon, Pinterest Results Drag By Investing.com – Investing.com

Nasdaq Futures 150 Pts Lower; Amazon, Pinterest Results Drag By Investing.com – Investing.com

© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening lower Friday, with the tech-heavy underperforming after disappointing results from e-commerce giant Amazon (NASDAQ:) late on Thursday.

At 7 AM ET (1100 GMT), the contract was down 75 points, or 0.2%, traded 25 points, or 0.6%, lower, while underperformed, dropping 150 points, or 1%.

That said, this has been a generally positive month for the major indices, with the up 1.6%, the broad-based up 2.8% and the 1.9% higher.

This has been the busiest week for quarterly corporate earnings so far, and the deluge continued after the close on Wall Street Thursday with numbers from Amazon setting the tone.

The online retailer, one of the big winners of the pandemic, saw its extraordinary sales growth start to slow, with revenue growing only 27% in the second quarter, down from 44% in the first quarter.  It fell even more to the 'mid-teens' in the period after its Prime Day marketing event.

This resulted in a number of brokerages, including JPMorgan (NYSE:), Morgan Stanley (NYSE:), Piper Sandler and UBS (SIX:), cutting their price targets, a rare event in an age