Tumultuous Friday on US stock markets

A number of the largest companies in America, and ergo the world, released their results on Friday.

The S&P 500, yet again, reached an all-time-high and is up by 24.35% year-to-date.

US Steel, up by 15%, was one of the biggest movers, surpassing its earnings per share forecast by $0.55.

“Our balance sheet has been transformed and the cash flow generation of the business has us highly confident in our ability to pre-fund organic growth investments that will expand our existing competitive advantages, ” Chief Executive Officer David B. Burritt said in a statement.

The coffee selling giant Starbucks fared less well, shedding 7% of its share price as its Q3 results failed to live up to analysts’ expectations.

There are growing concerns that rising costs will continue to challenge the company in the coming months.

Shares in Amazon dipped by 2.45% as its Q3 results also failed to live up to expectations. Its sales guidance for the upcoming holiday period offers little in the way of hope as well.

However, the e-commerce behemoth did disclose a stake in Rivian Automotive, a company which develops electric vehicles, including Amazon’s delivery vans.

Amazon’s stake in Rivian is valued at $3.8bn, as of September 30, 2021.

Finally, Apple. The tech company saw its share price fall by 2.27% on Friday on continued supply chain issues impacting its iPhones, Macs and iPads.

It is the first time since May 2017 that Apple has not met analysts’ expectations, which means Microsoft has retaken its crown as the most valuable company in the world.

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