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