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With Market On Edge, Investors Look To Tech Trio

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The following is an excerpt from Noel Randewich | October 21, 2018 | ibtimes.com |

SAN FRANCISCO - The pressure is on for Amazon, Alphabet and Microsoft as they prepare to report quarterly results at a time when confidence in those market leaders looks increasingly fragile and in danger of derailing Wall Street’s rally.

After worries about higher interest rates sparked a steep sell-off in early October and again on Thursday, the S&P 500 remains down 5 percent from its Sept. 20 record high close, with top-shelf stocks including Amazon.com Inc (AMZN.O), Alphabet Inc (GOOGL.O), Netflix Inc (NFLX.O) and Facebook Inc (FB.O) showing little of their vitality fr
om recent years.

A quarterly report from Microsoft Corp (MSFT.O) on Wednesday after the bell, followed by Alphabet and Amazon late on Thursday, will influence sentiment across Wall Street.

“The equity market is at a critical point here,” said Kurt Brunner, portfolio manager, Swarthmore Group in Philadelphia, Pennsylvania. “In order for it not to get a lot worse, I think you need to see Amazon and Alphabet put up some good numbers.”

With investors worried about increased internet regulation and criticism of Facebook’s handling of user data, the social media company’s stock has slumped 29 percent from its record high on July 25. Alphabet is 15 percent below its July 26 record high close, while Amazon has fallen 12 percent this month.

Microsoft has also stalled after doubling over the past two years.

For more visit: ibtimes.com

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