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US stocks fall as Apple earnings disappoint

New York - A 5.9% plunge by Apple and 2.3% fall in Microsoft shares after disappointing earnings from both led US stocks lower in opening trade on Wednesday.

Five minutes into trade, the tech-rich Nasdaq Composite Index was at 5 160.86, down 47.26 points.

The Dow Jones Industrial Average shed 0.27% to 17 871.66, while the broad-based S&P 500 fell 6.77 points to 2 112.44.

Apple fell despite reporting that net income for the quarter ending June 27 jumped 38% to $10.7bn. Traders focused on the tech giant's forecast of $49bn to $51bn in sales for the current quarter, slightly below the $51.14bn projected by analysts.

Microsoft reported a loss of $3.19bn due to a hefty write down on the smartphone business it acquired from Nokia and restructuring charges of nearly a billion dollars.

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