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."

Author

Chris Beauchamp

Chris Beauchamp has been with IG for four years, and in that time has become a regular commentator and analyst for the financial press and TV, with appearances on all the major financial channels as well as the BBC and Sky News.

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