The Nasdaq’s the weakest link. It’s rallying hard intraday, but the first real test is 22,959. Even if it gets there, the 50-day at 23,389 looms. The trend is still lower, and there’s a lot of work to do before you can say this index has turned the corner.
Sectors: Tech Bounces, Consumer Discretionary Lags
Tech led the charge, up 3.1%, with beaten-down names finally catching a bid. Industrials (+1.7%) and Financials (+1.6%) rode the broader risk-on tone. Even Utilities and Materials posted modest gains — not exciting, but steady.
Consumer Discretionary got hit, down 2.4%, dragged by Amazon’s 9% drop. Communication Services fell 1.2% as well, showing that not all corners of the market are buying the recovery story yet. When your two weakest sectors are consumer-facing and ad-dependent, that’s a signal that growth concerns are still lurking.
Stock Movers: Amazon Weighs, Drugmakers Pop
Amazon’s the headline — down 9% after missing earnings and announcing $200 billion in capex for the year. That’s a staggering number, and the market’s clearly questioning whether all that AI spending will pay off. It’s weighing on Consumer Discretionary and casting a shadow over Big Tech’s spending spree.