US stocks slip on Amazon earnings, dollar near one-month low

NEW YORK/LONDON (Reuters) – U.S. stocks dropped on Friday to pull further from record highs as an underwhelming earnings report from Amazon.com Inc dampened the market mood, while the dollar rose a shade but hovered near a one-month low.

After making record profits during the pandemic, Amazon said late on Thursday that its sales growth would slow in the next few quarters as people ventured outside their homes post-pandemic and reduced online shopping.

Investors sold the stock on the remarks even though the giant online retailer still earned an eye-watering $113 billion in revenues in the second quarter, albeit $2 billion shy of analysts’ forecasts.