Stocks Analysis by Fawad Razaqzada covering: Nasdaq 100, S&P 500, Microsoft Corporation, Amazon.com Inc. Read Fawad Razaqzada's latest article on Investing.com
The S&P 500’s recent drop signals a potential shift, with key earnings results expected to influence any recovery.
European and Asian shares fell sharply following Wall Street's decline on Wednesday. US index futures also point to a weaker open on Wall Street. And while we have seen evidence of rotation in other sectors like energy and financials in the previous week, this wasn’t strong enough to prevent the wider market from going down along with the tech sector – not when the first of the"Magnificent 7" companies reporting results that failed to meet expectations.
While that could change in the long run, as growth stocks are by definition valued so highly because of future profits anyway, in the short term the mismatch in actual results from expectations is starting to worry some investors. It will be interesting to see how other companies in the Magnificent 7 group will perform when they release their results, with most coming in next week.
However, if the selling continues, then the next potential support area to watch is the area marking the highs made in April and May between 5333 to 5368. Below that area, there’s not much support seen until long-term support and the 200-day average near the 5,000 mark.
S&P 500 Microsoft Corporation Amazon.Com Inc
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
DAX Ready to Take Off Again? Watch These Levels to Spot a BreakoutStocks Analysis by Fawad Razaqzada covering: EUR/USD, DAX. Read Fawad Razaqzada's latest article on Investing.com
Read more »
EUR/JPY: Yen's Resurgence Sparks Freefall - Where Could the Pair Bottom?Market Overview Analysis by Fawad Razaqzada covering: USD/JPY, EUR/JPY, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
Read more »
Gold: This Drop Could Be a Bear Trap - How to Play the Potential Bounce HigherCommodities Analysis by Fawad Razaqzada covering: XAU/USD, Gold Futures, US Dollar Index. Read Fawad Razaqzada's latest article on Investing.com
Read more »
EUR/USD Eyes 1.10 as Path of Least Resistance Remains to the Upside Ahead of ECBForex Analysis by Fawad Razaqzada covering: EUR/USD, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
Read more »
Gold: New ATH Likely as Fundamental Tailwinds Drive Bull Flag BreakoutCommodities Analysis by Fawad Razaqzada covering: XAU/USD, US Dollar Index Futures, Gold Futures. Read Fawad Razaqzada's latest article on Investing.com
Read more »
GBP/USD Eyes 1.3 Handle With US CPI on Tap - Key Entry, Exit Levels to MonitorForex Analysis by Fawad Razaqzada covering: GBP/USD, US Dollar Index Futures. Read Fawad Razaqzada's latest article on Investing.com
Read more »