The reports renewed questions about global economic demand, the effect of higher interest rates and whether the market's January rally got ahead of itself. Apple, the world's largest publicly traded company, fell short of expectations, hurt by lower iPhone sales and production disruptions in China. Amazon said operating profits could fall this quarter due to lower demand, and Alphabet's online advertisers cut back their spend as well. Shares of the three companies dropped after the results were released and were expected to drag the market lower Friday following a euphoric rally Thursday. These three firms and Microsoft (MSFT.O), the four U.S. companies with trillion-dollar market values, have led the broad-market S&P 500 in 2023.

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