Corporate earnings take a hit
Amazon, American Express and Microsoft have each reported flatter than expected corporate earnings for the second quarter, shaking the view that the US economy is on the road to recovery. Microsoft stock fell 10% while Amazon shares 8.2% and American Express fell 3.7% as the companies all reported underwhelming sales results.
The decline snapped two weeks of gains for equity markets, leading the S&P and Dow Jones lower. European equites also declined, along with currency exchange rates for the pound as the decline in risk appetite followed weak GDP figures in the UK.
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