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

Apple shares and Amazon shares fell Friday. Brendan McDermid/Reuters
Friday's fall in the S&P and Nasdaq Composite was a setback for record-highs.

After disappointing third quarter results, indexes saw a rise in shares of Amazon and Apple.

However, Wall Street's equity gauges are on track to increase for October.

US stocks tumbled from records Friday, as investors close out October trade with disappointing financial reports from tech giants Apple and Amazon.

After Thursday's record closing, the Nasdaq Composite index and S&P 500 index both fell. Shares of Amazon and Apple were in the red. Due to supply-chain issues, the companies' third quarter sales fell short of analyst expectations.

Although stock indexes fell, they still saw hefty gains in October thanks to a close 7% increase for the Nasdaq composite.

Here are the US indexes at 9:30 AM on Friday.

Friday's economic data was also evaluated by investors. It showed that consumer spending increased by 0.6% in September. This is higher than Econoday's consensus estimate of 0.5%, but slower than August's 1% increase.

Gold lost 0.7% on the markets to $1,789 an ounce. The yield on a 10-year contract rose to 1.606%.

Oil prices slipped. West Texas Intermediate crude fell 0.1% to $82.73 a barrel. Brent, the international benchmark oil, dropped 1.3% to $83.43.

Bitcoin rose by 1% to $61,173.12.