Wall Street Ends Week Lower as Tech Stocks Sell Off
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
0mins
Source: seekingalpha
- Tech Stock Sell-Off: Most earnings from the Magnificent Seven failed to lift investor sentiment this week, leading to a 0.2% dip in the Nasdaq Composite, indicating growing concerns over the valuations of high-growth tech companies.
- Fed Policy Impact: The Federal Reserve's signal to pause its interest rate cutting cycle pressured the markets, with the S&P 500 index pulling back after surpassing the 7,000-point mark, reflecting investor caution regarding future economic growth and potential impacts on investment strategies.
- Microsoft's Volatile Performance: Despite Microsoft reporting impressive second-quarter results with a 39% year-over-year growth in Azure revenue, its stock plummeted due to a 66% surge in capital expenditures, highlighting the market's conflict between high investment expectations and actual returns.
- Healthcare Stocks Decline: UnitedHealth Group's Q4 revenue fell short of expectations, causing a sharp decline in its stock price, which underscores the pressures facing the healthcare sector, particularly in light of proposed Medicare reimbursement rates that did not meet market forecasts, potentially affecting future industry investment confidence.
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Analyst Views on AMZN
Wall Street analysts forecast AMZN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for AMZN is 294.69 USD with a low forecast of 250.00 USD and a high forecast of 340.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
47 Analyst Rating
46 Buy
1 Hold
0 Sell
Strong Buy
Current: 241.730
Low
250.00
Averages
294.69
High
340.00
Current: 241.730
Low
250.00
Averages
294.69
High
340.00
About AMZN
Amazon.com, Inc. provides a range of products and services to customers. The products offered through its stores include merchandise and content it has purchased for resale and products offered by third-party sellers. The Company’s segments include North America, International and Amazon Web Services (AWS). It serves consumers through its online and physical stores and focuses on selection, price, and convenience. Customers access its offerings through its websites, mobile apps, Alexa, devices, streaming, and physically visiting its stores. It also manufactures and sells electronic devices, including Kindle, Fire tablet, Fire TV, Echo, Ring, Blink, and eero, and develops and produces media content. It serves developers and enterprises of all sizes, including start-ups, government agencies, and academic institutions, through AWS, which offers a set of on-demand technology services, including compute, storage, database, analytics, and machine learning, and other services.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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