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US stocks drop from record highs as weak earnings from Amazon and Apple stoke supply-chain fears

October 29, 2021

US stocks fell from record highs Friday as investors wrap up October trade with disappointing financial updates from tech behemoths Apple and Amazon.

The Nasdaq Composite and S&P 500 index pulled back from Thursday’s record close, with shares of Apple and Amazon in the red. The companies late Thursday posted third-quarter sales that missed analyst expectations as they had to contend with supply-chain problems.

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