US stocks were reeling this week from a batch of disappointing earnings from the big tech sector, underscored by Amazon’s warning of tougher times ahead.
“An ugly week of Big Tech earnings is coming to an end, having wiped out hopes of seeing earnings boost gains across the stock markets,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank.
Facebook owner Meta plunged more than 24% and the Nasdaq 100 lost almost 2% on Thursday.
Amazon’s guidance of a worrying holiday season, with revenue seen falling short of expectations, spooked investors. Apple, meanwhile, was dented by expectations that iPhone sales may disappoint.
“In summary, the US Big Tech rather killed joy this week, so all eyes are on Big Oil to reverse the mood,” said Ozkardeskaya.
Here’s a look at some of the major stories making news this week in the world of Big Caps: