Stocks Retreat as Amazon Stokes Big-Tech Concern: Markets Wrap
- Megacaps decline at the tail end of a big earnings week
- Concern is growng that corporate earnings recovery has peaked
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U.S. equities retreated at the tail end of a big earnings week as investors worried about slowing growth at the megacap technology companies that have helped drive the market to record highs during the pandemic.
Amazon.com Inc. dropped 7.6% in its biggest decline since May 2020, contributing the most to declines in the Nasdaq 100 and S&P 500 indexes, after the company’s sales outlook missed expectations. Tech stocks including Microsoft Corp. also weighed down the Dow Jones Industrial Average. European equities dropped from a record and Asian stocks slid amid China’s regulatory clampdown.