15:17 10/29 UTC — Mixed
Major US indices are trading sideways to lower as macro economic data (3.4% GDP growth, 0.317% Core PCE) meets severe single-stock earnings reactions in tech and biotech. Heavy sell-offs in ServiceNow and Alphabet reflect growing investor skittishness over AI spending and monetization timelines. Broad market focus is anchored on Amazon's earnings report after the bell to determine if mega-cap tech can re-establish upward momentum.
US equity indices remain locked in rangebound, choppy trading around the SPY 769-770 level following mixed macro releases, including GDP at 3.4% and Core PCE inflation rising 0.317%. Severe stock-specific capitulation in enterprise tech like ServiceNow (-24%) and biotech like Iovance (-35%) underscores heightened market intolerance for earnings misses or delayed AI returns. Tech sentiment is fragile as traders wait for Amazon's post-close earnings report to set the broader directional tone.
Outlook
Mixed · Intraday (Medium)
Base — Likely
SPY chops between 768 and 771 as market participants remain cautious ahead of Amazon earnings after the close.
Bull — Possible
A strong earnings beat and guidance from Amazon sparks a late-day tech short squeeze above key SPY resistance.
Bear — Possible
Broader contagion from software sell-offs and AI monetization doubts push tech indices below daily swing lows.
Hot tickers
- NOW Bearish — Plunged ~24% in its worst day on record following Q3 results and concerns around contract timing and AI monetization payback.
- IOVA Bearish — Experienced an aggressive sell-off of over 35% on elevated volume, breaking key support levels below $10.
- GOOGL Bearish — Under pressure after management noted lower ad monetization in AI mode queries despite strong overall revenue growth.
- AMZN Neutral — High anticipation ahead of its post-close earnings report; historical data shows an average post-earnings move of ±7%.
- META Bullish — Demonstrating relative strength compared to software peers, re-testing key moving averages with bullish price targets.
Themes
- Enterprise AI monetization and ROI anxiety
- Earnings event risk driving extreme stock dispersion
- Macro economic readings (3.4% GDP, 0.317% Core PCE)
Risks
- Extreme single-stock volatility (NOW -24%, IOVA -35%)
- Elevated crude oil prices around $100-$101/bbl
- Impending major mega-cap earnings reports (AMZN)
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