Stocks fall to weekly loss; Amazon results, Ukraine anxiety rattle investors

|By:, SA News Editor

Stocks fell sharply, erasing the week's gains for the major benchmarks, as the earnings-fueled optimism of earlier this week soured amid disappointing results from the likes of Amazon; investors also were reluctant to hold stocks ahead of the weekend as tensions in Ukraine show no signs of easing.

Weakness in momentum names resembled the aggressive selling that took place at the start of the month, as Facebook, Google and LinkedIn all fell between 1.7% and 7.8%.

Amazon played a big part in consumer discretionary weakness, plunging nearly 10% after reporting below-consensus earnings and issuing cautious guidance, and other feature names fared poorly, as Priceline and Netflix fell by 4.9% and 6.4%, respectively.

Earnings season so far presents a muddled picture: Of the 48% of S&P 500 companies that have reported Q1 results, 73% have topped analysts' average profit forecast, but expectations were low, as S&P 500 profits so far are just 0.2% higher from a year ago.

The 10-year Treasury yield fell a basis point to ~2.67%, while gold futures advanced 0.8% to ~$1,300/oz.