US stocks fall after erasing earlier gains as Apple sells off on earnings

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US stocks finished lower after reversing earlier gains as Apple dragged down indexes.

Apple stock tumbled 4.8% as quarterly revenue continued to drop.

The monthly jobs report came in at 187,000, slightly under expectations for July.

US stocks finished lower on Friday after giving up earlier gains, while capping off a weekly loss for the markets.

Apple stock tumbled by 4.8% after reporting quarterly revenue declined again. Meanwhile, Amazon jumped 9% as earnings beat forecasts.

Elsewhere, the Labor Department’s jobs report for July showed payrolls expanded by 187,000, below estimates. But wages grew faster than expected, potentially adding pressure on the Federal Reserve to stay hawkish.

For the week, the Dow lost 1%, the S&P 500 fell 2.3%, and the Nasdaq dropped 2.8%.

Here’s where US indexes stood at the 4:00 pm ET closing bell on Friday:

Here’s what else is happening:

In commodities, bonds and crypto:

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