Skip to content

Stocks Surge Before Amazon Casts Shadow Over Rally: Markets Wrap

  • Forecast for second-quarter loss sends stock tumbling
  • Data show U.S. economy unexpected shrank in the first quarter
Video player cover image
Fed Needs to Get Rates Higher Quicker: Pimco's KieselSource: Bloomberg
Updated on

Earnings continued to whipsaw U.S. stocks, as the biggest rally in seven weeks fizzled in late trading after a disappointing forecast from Amazon.com Inc.

The e-commerce giant’s outlook sent the biggest ETF that tracks the Nasdaq 100 lower by more than 1%. Intel Corp. lost 5% on a weak sales forecast, while Apple Inc. gained 3% after better-than-expected revenue.