Amazon, Apple, & a new record high for the S&P 500
Some disappointing results, but some very good turnouts for certain companies and indexes. The S&P 500 set record closing highs for the index that posted a monthly gain of more than 6.5% in October. Making it it’s best single-month since November 2020. Companies like Amazon and Apple suffered disappointing results. Amazon shares dropped due to supply chain disruptions and rising costs of labor, materials, and freight. This caused them to miss third-quarter expectations. They also had a jump in expenses, which is caused by the supply chain disruptions that are expected to generate several billion dollars of additional costs. Along with Amazon, Apple disappointed with its iPhone sales of the latest iPhone 13. This had a big effect on shares of Apple’s suppliers like Broadcom, Qualcomm, and Taiwan Semiconductor Manufacturing Co.. Wall Street as whole, these results seemed to have the same correlation. That being, supply chain disruptions. This also is affected by labor costs and material shortages which impact companies of all sizes. Not just big companies like Amazon. As we head into the early-holiday season, let's hope that this doesn’t create challenges for these companies.
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