The Nasdaq composite took another hit Friday, ending with a loss of 2.1%, after slumping 3.6% intraday. Weak sentiment in the stock market today was fueled by sluggish earnings reports from Google parent Alphabet (GOOGL) and Amazon.com (AMZN). In other stock news today, Burlington Stores (BURL) outperformed, closing just off an all-time high.Or, as ZeroHedge put it:
Amazon and Alphabet were among several weak performers in the Nasdaq 100 Friday. Others included Cerner (CERN), Nvidia (NVDA), Broadcom (AVGO) and Netflix (NFLX).
The S&P 500 lost 1.7%. The Dow Jones industrial average gave back 1.2%. Preliminary data showed volume on the NYSE and Nasdaq coming in higher than Thursday's levels.
Alphabet fell 1.8%. The megacap beat the Street's consensus earnings estimate by about 14%. Revenue came in 0.9% lighter than expected.
Amazon, meanwhile, slumped nearly 8%. It ended the week below its 200-day moving average after the company reported disappointing sales growth and also gave sluggish sales guidance for the holiday quarter.
Homebuilders outperformed, while data storage firms lagged, hurt by weak earnings from Western Digital (WDC).
The major stock indexes rallied sharply Thursday, but in the end, it was just the first day of a rally attempt. The rally is dead in the water already because the S&P 500 and Nasdaq undercut Wednesday's intraday lows. That means it's time to look for the first day of another rally attempt.
A follow-through day is possible in the near-term, and it would serve as confirmation of a new uptrend. If it happens though, don't jump back into the stocks market with reckless abandon. A lot of technical damage has been done that will likely take more time to repair....MORE
Global Bloodbath: World Stocks Puke Over $8 Trillion As US Markets Collapse
Global capital markets are down five weeks in a row, losing just under $9 trillion - the biggest, fastest drop since Lehman... (around $8.2 trillion from global equity markets)
Chinese stocks managed to end the week green thanks to numerous National Team interventions...
European stocks ended the week red (down 4 of the last 5 weeks) to the lowest since Dec 2016... with DAX worst of all (worse than Italy)...MORE