Dow Jones Futures Rise As Amazon Jumps After Market Correction Intensifies

Dow Jones futures rose overnight, along with S&P 500 futures and Nasdaq futures. Amazon.com (AMZN) headlined earnings after the close.

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The stock market correction intensified Thursday, with the Nasdaq tumbling below its 200-day moving average. The indexes did come off intraday lows, but the bounce didn’t last long.

Tech titans led the decline. Meta Platforms (META) signaled concerns about advertising. That also hit Google parent Alphabet (GOOGL), Wednesday’s big loser, as well as AMZN stock heading into results. Meta’s lower-than-expected capital spending plans hit Nvidia (NVDA), as well other big techs such as Arista Networks (ANET). Apple (AAPL) broke below its 200-day line, with Tesla (TSLA) closing further below that key level. Even Microsoft (MSFT), a notable earnings winner Wednesday, gave up all those gains Thursday.

Amazon Earnings

Amazon stock rose 5% in extended trade. The e-commerce and cloud giant reported better-than-expected earnings and sales, though its Q4 revenue guidance was a little light. Amazon Web Services revenue grew 12%, just missing Q3 views. But the tech giant sees generative AI as a boon for AWS. Earlier this week Microsoft had reported strong Azure cloud-computing revenue while Google Cloud disappointed. In Thursday’s session Amazon stock fell to two-month lows.

Chipotle Mexican Grill (CMG), Ford Motor (F), Intel (INTC) Dexcom (DXCM), Deckers Outdoor (DECK) and Enphase Energy (ENPH) also reported Thursday night. Intel stock, Chipotle, Dexcom and Deckers were solid-to-strong earnings winners overnight. Ford fell modestly while ENPH stock plunged.

Exxon Mobil (XOM) and Chevron (CVX) report Friday morning. Shares of the oil majors have tumbled recently on big takeover deals and with crude oil and gasoline futures coming off highs.

Meta stock and Nvidia are on IBD Leaderboard, though Meta’s position was trimmed. MSFT stock is on IBD Long-Term Leaders. Microsoft, Google and Nvidia stock are on the IBD 50. Microsoft and Google…