The markets are getting banged up today.
The Dow is down 152 points (0.9%).
The S&P is down 16 points (0.8%).
The Nasdaq is down 74 points (1.7%).
Shares of Amazon.com are weighing on the tech-heavy Nasdaq. On Thursday afternoon, the company announced quarterly financial results that were largely in line with expectations.
“One factor could be that the company’s sales growth fell to 23% in Q1, down from 25% in Q4 and 29% in Q3,” noted BI’s Jillian D’Onofrio.
Amazon is down 9.7%.
Other big losers in the Nasdaq include Netflix, Expedia, and Priceline.
Share of Ford are down 3.2% after the company announced disappointing earnings.
Earlier today, we learned that the Markit U.S. services PMI slipped to 54.2 in April from 55.3 in March. Economists estimates the headline would climb to 55.5.
“In the services sector, there are worrying signs for future momentum,” said Markit’s Chris Williamson. “Levels of outstanding business fell at the fastest rate since last August, and firms’ optimism about the year ahead also waned.”
The University of Michigan’s consumer confidence index jumped to 84.1 in April from 80.0 in March. This was the highest reading since July 2013.
“While near term expectations have improved substantially, longer term expectations for personal finances as well as the overall economy have not improved as much,”said survey director Richard Curtin via Reuters.