As expected, Wall Street puked over former Facebook, Meta, that dragged down everything that looked like a tech stock from a very far distance. And now, the question is, will Amazon lift the market?
It is easy for panickers to throw away everything including their underwear, but difficult to jump back in. Some don’t even go back in as they are still scared, crying in the corner, and hiding.
The S&P500 ended down 111 points (-2.44%), Thank you, Meta!
But then, Amazon reported earnings after hours and announced that they would jack up their prime membership fees by 17%. The stock skyrocketed in AH trading by almost 20%. Meta dropped 20%, Amazon went up by 20%. OK, it was only 18% but before I could make a new screenshot, it dropped a bit to 16%… I hope they won’t say something ugly during the conference call to spook the markets more and reverse this green price development
This had a positive development on the SPX market as it erased half of the losses in the after-hours (AH) trading:
And now the question remains, will this have a positive impact on the market tomorrow? I hope so. But if not, I won’t mind it either.
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