3 Reasons Why Amazon Beat the Big Tech Blues
Tech stocks have gotten crushed in recent days on a combination of disappointing earnings reports, rising interest rates, and economic fears that pushed the Nasdaq Composite down to five-month lows.
Through Thursday, the Nasdaq was down 3% for the week, and big tech stocks were among the biggest drivers of the sell-off. Alphabet and Meta Platforms both beat estimates in their quarterly reports, but that wasn't enough to please the market as jitters about a recession seemed to be spreading.
Against that backdrop, investors seemed to have low expectations for Amazon (NASDAQ: AMZN) coming into its fourth-quarter earnings report. The stock had slid in response to Alphabet's weak cloud growth and Meta's warning about the ad market.
Source Fool.com
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