XOM - Nasdaq S&P 500 Eye Rebound While Bitcoin Edges Down: Amazon's Q3 Lifts Tech Stocks As Traders Eye Fed's Favorite Inflation Gauge | Benzinga

As Amazon, Inc. (NASDAQ:AMZN) hawked good tidings, the negative sentiment in the equity market appears to have reversed. The recovery could be in part due to traders looking for bargains following a two-day slump seen in the market. The sentiment for the day will largely hinge on an inflation component that is part of the personal income and spending report that is due before the market opens. Crude oil is rallying and bond yields are ticking up ahead of next week’s Fed decision.

Cues From Thursday’s Trading:

Mixed earnings and robust economic data triggered a second consecutive sharp market decline in the previous session. The major indices opened lower, with the Nasdaq Composite and S&P 500 remaining below the unchanged line, experiencing some volatility before closing significantly lower.

The Nasdaq Composite has now entered correction territory, breaching the 200-day moving average downward. The S&P 500 teeters just above correction territory, with a 10%+ move below a recent high considered a correction. Both indices have reached new five-month lows.

The Dow Industrials closed lower as well, retreating to its lowest level since late May, despite brief forays into positive territory.

The Russell 2000 outperformed its larger counterparts, rebounding after recent declines.

Communication services stocks faced pressure for a second consecutive day due to Meta Platforms, Inc.’s (NASDAQ:META) cautious remarks. IT and consumer discretionary stocks were also under selling pressure, while IT services and materials, along with defensive real estate and utility stocks, garnered buying interest.

US Index Performance On Thursday

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