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Stocks Drop as Amazon Misses Forecasts, Durable Goods Disappoints

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NEW YORK ( TheStreet) -- U.S. stocks were falling Friday, marking the first dip for the S&P 500 in three days, as a report on durable goods orders fell short of estimates and Amazon , the world's largest online retailer, missed forecasts.

The weak open arrives also as investors await next week's July job report and Federal Reserve policy update, and digest soft data out of Europe overnight. But the market remains optimistic on the second-quarter earnings outlook, steadily raising growth predictions.

The S&P 500 was down 0.41% to 1,979.73, though the index is still on pace to settle higher for the week. The S&P 500 booked its 72nd closing all-time high Thursday for this bull market since the market bottom on March 9, 2009, as analysts hiked their growth outlook for the second-quarter earnings season. The Dow Jones Industrial Average was lower by 0.7% to 16,964.49 The Nasdaq was slipping 0.5% to 4,451.02.

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Despite a handful of disappointments, including Amazon's  earnings miss Thursday , S&P Capital IQ wrote that second-quarter S&P 500 earnings growth is now expected to come in at 8.1% year-over-year, with earnings per share of $29.11. That's up from the prior day's estimate of 7.3% year-over-year growth, with EPS of $28.89.

Amazon shares were plunging 10.2% to $322.01 after reporting Thursday evening quarterly results that were in line with revenue estimates but missed on earnings per share.

Starbucks was sliding 2.2% to $78. 71 amid worries that the coffee giant's store expansion plans and increasing prices of ingredients will hurt its bottom-line growth.

Pandora shares were tumbling by 13.5% to $24.84. Although the online radio company's earnings report was slightly better than expected, a drop in users concerned Wall Street.

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Widely-watched corporate headlines Friday also include those on Zillow , Trulia , 21st Century Fox and McDonald's .

The Chinese tainted-meat scandal is still in the headlines. While Yum! Brands has dropped the offending supplier, Shanghai Husi Food, and its U.S.-based owner, OSI, McDonald's has stuck with the company out of necessity.

Rupert Murdoch isn't just convulsing American media markets with his 21st Century Fox bid for Time Warner . His BSkyB British TV company is looking to spend $9 billion to buy Fox's pay-TV stations in Germany and Italy.

Real estate site Zillow is seeking to buy out rival Trulia for up to $2 billion in cash and stock. Both companies collect fees from real-estate agents as well as advertising revenue on a combined 85 million unique visitors in June alone. Zillow shares are up 6.8% to $155.60 and Trulia was gaining 3.7% to $55.74.

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