Reddit Stock Drops 21%, Amazon and Apple Earnings Drive Market Volatility
Earnings season has intensified, with Big Tech companies like Microsoft (MSFT), Meta Platforms (META), Apple (AAPL), and Amazon.com (AMZN) reporting results following Alphabet's (GOOG, GOOGL). Reddit’s stock fell 21% due to a decline in Google search referrals. The tech sector experienced significant volatility as investors reacted to the earnings reports. According to FactSet data, analysts expect strong performance from the S&P 500 (^GSPC), with an estimated year-over-year Q2 earnings growth rate of 23.2%. This would be above historical averages and mark continued robust quarterly results for the index.
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Topics: earnings season S&P 500 earnings growth tech sector performance