US STOCKS-Apple and Alphabet pull Wall Street lower

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* Twitter plunges on dull second-quarter outlook
* Chevron down as profit drops on weaker refining margins
* U.S. consumer spending rebounds in March
* Indexes: Dow -0.59%, S&P 500 -0.72%, Nasdaq -0.85%

(Updates with afternoon trade)
By Noel Randewich and Shivani Kumaresan
April 30 (Reuters) - Wall Street dropped on Friday, with
Apple, Alphabet and other tech-related companies dipping despite
recent strong quarterly earnings reports.
A day after the S&P 500 closed at a record high, Apple
AAPL.O , Google-parent Alphabet GOOGL.O and Facebook FB.O
each fell more than 1%, giving back gains following upbeat
quarterly reports this week.
Amazon.com Inc AMZN.O rose 0.4% after it posted record
profit late on Thursday and signaled that consumers would keep
spending in a growing U.S. economy. Amazon had been up over 2%
earlier in the session. Twitter Inc TWTR.N plunged 14% after it offered a tepid
revenue forecast for the second quarter, saying user growth
could slow as the boost seen during the pandemic fizzles.
While megacap favorites posted largely strong earnings in
the first quarter, their shares have struggled to maintain the
upward trajectory that many had coming into reporting season.
"There is a sense that maybe next quarter is as good as it's
going to get, and we're going to roll over, particularly among
the Nasdaq stocks and Big Tech stocks that benefited from the
pandemic," said Jack Ablin, chief investment officer at Cresset
Wealth Advisors in Palm Beach, Florida.
Most of the 11 major S&P 500 sector indexes were lower, with
technology .SPLRCT and materials .SPLRCM down more than 1%,
while energy .SPNY dropped 2.2%.
Of the 303 companies in the S&P 500 that have reported so
far, 87.1% have topped analysts' earnings estimates, with
Refinitiv IBES data now predicting a 46.3% jump in profit
growth.
Data on Friday showed U.S. consumer spending rebounded in
March amid a surge in income as households received additional
COVID-19 pandemic relief money from the government. Despite Friday's weakness, the Nasdaq .IXIC is set for six
consecutive months of gains, boosted by impressive results from
big technology companies. The Dow Jones Industrial Average
.DJI is on course to end in the positive territory for three
months in a row.
The Dow Jones Industrial Average .DJI was down 0.59% at
33,859.8 points, while the S&P 500 .SPX lost 0.72% to
4,180.97.
The Nasdaq Composite .IXIC dropped 0.85% to 13,963.28.
Chevron Corp CVX.N shed more than 3% after its
first-quarter profit fell 29%, hit by weaker refining margins
and production losses. AbbVie Inc ABBV.N rose 0.6% after it reported strong
results and raised its 2021 earnings forecast, helped by demand
for its rheumatoid arthritis drug in the United States.
Declining issues outnumbered advancers for a 2.12-to-1 ratio
on the NYSE and for a 1.98-to-1 ratio on the Nasdaq.
The S&P index recorded 44 new 52-week highs and no new low,
while the Nasdaq recorded 52 new highs and 26 new lows.