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Apple and Amazon Under Pressure.

Apple (AAPL) posted strong results as the iPhone maker's earnings and revenue both topped analyst estimates.

The news initially propelled stocks, but concerns about supply chain issues led to the fall.

Apple warned that supply chain challenges remained even after the easing in the latest quarter, and that demand in China was being hurt by the COVID-19 lockdown.

Apple executives suggested the supply crunch could cost Apple between $4 billion and $8 billion in sales in the current quarter.

The company also announced a $90 billion stock buyback and increased its dividend by 5%.

Meanwhile, Amazon reported its first loss since 2015 to halt sales growth. Shares of Amazon (AMZN) fell more than 11% on the report.

Amazon's revenue forecast fell below analysts' estimates as consumers slow online spending and return to in-person shopping.

The company also reported a loss of about $8 billion on its investment in electric vehicle maker Rivian.

The company's AWS cloud business was once again a bright spot, with sales growing nearly 37% to $18 billion.

Amazon shares are down about 15% this year. Apple shares are down about 10% so far this year.

With shares of Apple and Amazon, the two most widely held stocks in index funds and ETFs, both in correction territory, and both offer weak forecasts,

It is difficult to see the momentum to stop the slide in broader indices. Where will it come from, said Caleb Silver, editor-in-chief of Investopedia.

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