US stocks fell on Friday on Wall Street and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains.

Amazon.com shares sank 7.6 per cent - their biggest daily percentage drop since May 2020 - after the company reported late on Thursday revenue for the second quarter that was shy of analysts’ average estimate and said sales growth would ease in the next few quarters as customers ventured more outside the home.

Shares of other internet and tech giants that did well during the lockdowns of last year, including Google parent Alphabet and Facebook, were mostly lower as well.

The Dow Jones Industrial Average fell 149.06 points, or 0.42 per cent, to 34,935.47, the S&P 500 lost 23.89 points, or 0.54 per cent, to 4,395.26 and the Nasdaq Composite dropped 105.59 points, or 0.71 per cent, to 14,672.68.

The ASX is set for gains, with futures on Saturday pointing to a rise of 37 points, or 0.5 per cent, at the open.

For the month, the S&P 500 rose 2.3 per cent, the Dow gained 1.3 per cent and the Nasdaq added 1.2 per cent, while for the week all three of the major indexes posted declines.

“Overall earnings have been good. But Amazon ... and some of last year’s winners are taking some of the air out of the market today,” said Jake Dollarhide, chief executive officer of Longbow Asset Management.. “This market has been driven by big tech and when tech does well, the market seems to go right along with it, and when it doesn’t,” it falls.

Data on Friday showed US consumer spending rose more than expected in June, although annual inflation accelerated further above the Federal Reserve’s 2 per cent target.

Strong earnings and the continued rebound in the US economy have helped to support stocks this month, but the rapid spread of the Delta variant of the coronavirus and rising inflation have been concerns.