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Stocks Roll Off Highs as Amazon Knock Chunk Off Indices

  • Wall Street traded softer Friday, with all three major indices headed into the close in the red as notable underperformance in Amazon weighed on sentiment. Following their disappointing earnings release, Amazon slipped over 7%, wiping well over $100bln off the company's market cap. Amazon reported a miss on quarterly sales for the first time in over three years.
  • US-China sentiment worsened, with markets watching a decision from the US SEC to freeze all IPO registrations for companies based in China. The regulator has given no timeline for when registrations could resume, with guidance being drawn up to warn investors of the risks associated with companies sensitive to Chinese politics.
  • Amazon's miss put the consumer discretionary sector at the bottom of the pile in the S&P, with energy names not far behind. Real estate and consumer staples were the best performing sectors.
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