Apple's revenue slightly increases, Amazon exceeds expectationsđ
Stock markets were reluctantly dragged lower, with SPX falling to -0.8% day's lows, before recovering to close roughly unchanged as equities braced for Apple and Amazon earnings double-header after the close. Apple disappointed early on with slightly higher revenues offset by weaker iPhone sales, with management forecasting Q4 performance to continue the decline from Q3. On the other hand, Amazon beat expectations with the stock rising +10% in the after-hours on strong beats in revenue, earnings, and positive Q3 forecasts thanks to stabilizing growth rates in AWS. Finally, management mentioned that high inflation continues to weigh on consumers and they are seeing "down trading" on brand options as shoppers have turned more price sensitive.
