Shares of technology companies gave back some of their dramatic Thursday gains.
Amazon.com plunged by more than 8% after The Wall Street Journal reported that the Federal Trade Commission was looking into an antitrust lawsuit against the online megastore, which wields considerable power over the distribution of many small companies' goods.
Apple shares shed earlier losses and moved into the green as iPhone production was set to ramp up after a Covid 19 outbreak slowed sales.
Google parent Alphabet shares fell after it reported fourth-quarter earnings and digital-advertising sales short of Wall Street targets.
"So far we have [an earnings season] where it's not stellar, it's certainly not stellar, but it isn't dramatically terrible," said Quincy Krosby, chief global strategist at brokerage LPL Financial.
"We expected earnings to have a downdraft, we expected margins to compress, and they have somewhat, but it isn't a collapse."
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-03-23 1726ET
