U.S. stocks open lower as Amazon shares slide

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NEW YORK, July 30 (Xinhua) -- U.S. stocks came under pressure on Friday morning after disappointing quarterly results from U.S. e-commerce giant Amazon.

Shortly after the opening bell, the Dow Jones Industrial Average lost 7.02 points, or 0.02 percent, to 35,077.51. The S&P 500 fell 19.45 points, or 0.44 percent, to 4,399.70. The Nasdaq Composite Index dropped 130.19 points, or 0.88 percent, to 14,648.08.

Six of the 11 primary S&P 500 sectors declined in morning trading, with consumer discretionary down 2.3 percent, leading the laggards. Real estate rose 1.1 percent, the best-performing group.

Amazon shares tumbled more than 7 percent after the company fell short of analysts' estimates for revenue in its second-quarter results. It also gave weaker-than-expected outlook for third quarter revenue.

Investors also eyed a key measure on U.S. inflation.

Excluding food and energy, the personal consumption expenditures (PCE) price index increased 0.4 percent last month, the U.S. Commerce Department reported on Friday.

The so-called core PCE price index jumped 3.5 percent in June from a year ago, following a 3.4-percent year-on-year increase in May, showed the report. The core PCE price index is the Federal Reserve's preferred inflation measure for its flexible 2-percent target. Enditem

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