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Jul 25, 12:35 PM EDT

Visa, Amazon pull stock market lower


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Visa, Amazon pull stock market lower

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NEW YORK (AP) -- Disappointing results at Visa and Amazon dragged on the stock market Friday, and put the Dow Jones industrial average on course for a weekly loss.

KEEPING SCORE: The Dow Jones industrial average lost 121 points, 0.7 percent, to 16,961 as of 12:15 p.m. Eastern time. The Standard & Poor's 500 index fell nine points, or 0.4 percent, to 1,979. The tech-heavy Nasdaq composite dropped 25 points, or 0.5 percent, to 4,447.

For the week, the S&P 500 is flat and the Dow is off 0.9 percent.

MISSED: Amazon's stock slumped 11 percent after the online retail giant posted a much wider loss than analysts had forecast, hit by expenses. The Seattle-based company is focused on spending the money it makes to expand into new areas and products, including a smartphone, the Fire, which starts selling Friday. Amazon fell $37.50 to $321.03 in midday trading and was the biggest decliner in the S&P 500 index.

NOT EVERYWHERE: Dow member Visa fell $9.50, or 4 percent, to $212.23. The credit card processing giant reported an 11 percent rise in quarterly profit but cut its full-year forecast on concerns about growth overseas. Visa is a closely watched company because of its heavy exposure to U.S. and global consumer spending.

`COMPLACENCY': "I continue to see the level of complacency in the (stock) market to be unnerving," Scott Clemons, chief investment strategist at Brown Brothers Harriman, which manages $25 billion in assets for private investors. "All of this geopolitical tension, the market trading near all-time highs, I think the market is at a critical state right now."

Clemons said he doesn't believe the market is poised for a major sell-off, but instead thinks investors should brace for more volatility and more heavy-handed reaction to disappointing earnings or data, like Friday's Amazon and Visa results.

NEEDS A PICK-ME-UP: Starbucks fell $1.73, or 2 percent, to $78.72 despite the company reporting a profit that came in above analysts' expectations. The company also raised its full-year profit forecast.

BONDS AND OIL: The yield on the 10-year Treasury note eased to 2.48 percent from 2.50 percent late Thursday. Bond yields fall when prices rise. Benchmark U.S. crude oil fell 55 cents to $101.51 a barrel on the New York Mercantile Exchange

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