Stocks looked set to fall for a fourth day in a row on Friday after online retailer and cloud computing company Amazon reported weaker-than-expected earnings, creating more worries for tech.
Futures tracking the Dow Jones Industrial Average slipped 44 points, or 0.1%. S&P 500 futures fell 0.2%, and contracts tied to the Nasdaq 100 dropped 0.5%.
The three indexes have been tumbling since Tuesday, when Wall Street started panicking about artificial intelligence usurping software companies. Google parent Alphabet outlined a plan to double its capital spending late Wednesday, giving the market another reason to fret.
Amazon failed to ease those fears, as it missed analysts’ estimates for its fourth-quarter earnings late Thursday. Investors may also be worrying about the company’s capital expenditures guidance–it’s planning $200 billion in capex for 2026, way above Wall Street’s forecast.
“Earnings season so far has not been enough of a catalyst to push stocks to new highs because earnings expectations have been so high, and it’s been challenging for companies to clear such a high bar,” said Bellwether Wealth chief investment officer Clark Bellin.
“The bull market is not dead, but it is aging, and we are not surprised to see investors paying more attention to corporate earnings and profitability,” he added.
Oil prices were rising ahead of talks between the U.S. and Iran. The Brent international benchmark climbed 1.2% to $68.35 a barrel, and West Texas Intermediate U.S. prices rose 1.3% to $64.14 a barrel.
The dollar was flat against a weighted basket of its peers, and the yield on the 10-year Treasury note ticked up 1 basis point to 4.20%.