TIM THOMAS
Here's your weekly wrap for the stock and commodities market. I'll give you a quick snap-shot of major economic, stock and commodities news. Bite-sized intel that should be on your radar. Let's get started!
Despite the early relative calm, by mid-week stocks fell led by the tech sector and in particular Amazon. While it saw early weakness, the Nasdaq ended up on the week just under 1% while the other indexes were mixed.
The Labor Department’s weekly unemployment claims data provided additional evidence that the labor market was at or near full employment. At the start of the year, state unemployment compensation rolls were at their lowest level since 1973.
Investors have shifted away from growth stocks and toward value stocks due to rising rate fears; making future profits including those from growth companies less appealing. Big Tech companies are plummeting because of rising interest rates in the United States, as well as investors shifting to value and cyclical trades.
Amazon's (NASDAQ: AMZN) stock dropped by as much as 2.2% on Thursday. A bullish Wall Street analyst's comment about a competitor – Microsoft – was the impetus that pushed the e-commerce and cloud computing giant lower. Daniel Ives, the Wedbush analyst, released the results of his quarterly cloud computing channel checks. Ives was bullish on Microsoft's (NASDAQ: MSFT) prospects which he said is ominous for Amazon's AWS.
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