Reuters
Marketmind: Something’s off
For all the enthusiasm surrounding the earnings of Meta Platforms, Amazon.com delivered a disappointing quarter while Apple had dire news to share with the market after the bell, despite record profits and sales. COVID-19 lockdowns snarl production and demand in China and the iPhone maker warned that the war in Ukraine, which led Apple to stop sales in Russia, would cut sales more deeply in the fiscal third quarter. Overall, the S&P 500 has had a terrible ride so far in 2022, losing roughly 10% of its value, wiping off four trillion dollars in market capitalisation.
