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HomeEconomyNasdaq futures drop after weak Amazon guidance adds pressure to technical defeat

Nasdaq futures drop after weak Amazon guidance adds pressure to technical defeat


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Nasdaq 100 futures fell Thursday night after Amazon’s disappointing earnings were added to the already compressed index.

Nasdaq-related futures were down 0.7%. Dow Jones Industrial Average futures fell 0.5%, and S&P 500 futures lost 0.1%.

Amazon led the declines in extended trading, after pulling back after the company’s publication Quarterly revenue is weaker than expected It issued disappointing fourth-quarter sales guidance.

Apple shares were also lower initially after the company’s announcement iPhone revenue weaker than expected, but they have since reversed upwards. The company still beat Wall Street estimates for quarterly earnings and revenue.

Technical names have been a dark cloud over the market in regular trading as well. Earlier in the day, the Nasdaq Composite Index lost 1.6%, due to a defeat in Meta and other technology stocks, and the S&P 500 fell 0.6%. Meanwhile, the Dow rose 194.17 points, or 0.6%, for a fifth straight day of gains, helped by GDP data that hinted that inflation may be waning.

Liz Young, SoFi’s head of investment strategy, said the pain that dividend investors are feeling is inevitable and necessary to move forward in the current cycle.

“We’ve been waiting for that to happen,” she said on CNBC’s “Closing Bell: Overtime.” “Usually there is a chain of events: first the market goes, then profits go, then the economy goes. So this is finally the part where we see profits get hit and I don’t think it’s wrong for technology to take a hit the most. It’s technology that has come under pressure in this market. Since the beginning. “

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“This is just another check on the list of things we need to get past before we can do that with this part of the cycle,” she added.

The Dow and Standard & Poor’s are on track to finish the week up about 3% and 1.5%, respectively. The Nasdaq is set to fall slightly.

Friday brings a quieter day for earnings. As investors absorb the bloodbath in technology, they will have Chevron and ExxonMobil on deck before the bell as well as AbbVie and Colgate-Palmolive.

In economic data, traders are looking at the PCE price index, the Fed’s preferred inflation measure, as well as consumer confidence and pending home sales.

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