Amazon in freefall after earnings miss

Chris Beauchamp IG

Amazon hits seven-month low after earnings miss

"Amazon's earnings miss has capped a torrid day for global markets, one which has seen bitcoin's slump deepen and silver prices renew their falls. The retail giant failed to hit expectations, and this was compounded by news that it plans to exceed Alphabet's planned spend for next year, throwing $200 billion at the AI race."

"Stock markets are in no mood for such misses from one of the biggest names around, and coming hard on the heels of Alphabet's numbers yesterday, these figures seem to set the stage for more tech weakness. But the losses for the sector are no longer contained, spreading to the broader market, especially as signs of contagion from the crypto selloff appear in commodities and equities."

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Chris Beauchamp

EUR/USD remains weak near 1.1800

EUR/USD remains on the back foot on Thursday, trading close to the 1.1800 support ahead of the opening bell in Asia. The pair’s pullback comes amid further gains in the Greenback, while investors keep assessing the ECB’s decision to leave its policy rates unchanged

GBP/USD drops to two-week low, around 1.3500

The GBP/USD pair adds to the previous day's dovish Bank of England-inspired heavy losses and drifts lower for the third straight day on Friday. The downward trajectory is sponsored by sustained US Dollar buying and drags spot prices to a two-week low during the Asian session, with bears now awaiting a break below the 1.3500 psychological mark before placing fresh bets.

Gold reverses a dip to $4,650 as bargain hunters emerge

Gold price is reversing a sharp sell-off to near $4,650 in the Asian session on Friday, re-attempting the $4,800 level. The precious metal finds fresh dip-buying demand amid broad risk aversion. Gold fell in early trades, extending the previous decline as traders cover losses from equities and adjust positions. The preliminary reading of the Michigan Consumer Sentiment Index report will be eyed later on Friday.

Bitcoin and top cryptos plummet further as analyst terms market crash 'structural'

Bitcoin has declined below $65,000 on Thursday, down 11% over the past 24 hours. The move marks its largest decline since the October 10 leverage flush. Since then, the top crypto has erased more than 50% of its value since the October 10 leverage flush.

The AI mirror just turned on tech and nobody likes the reflection

Tech just got hit with a different kind of selloff. Not the usual rates tantrum, not a recession whisper, not even an earnings miss in the classic sense. This was the market staring into an AI mirror and recoiling at its reflection.