Tech Giants Signal Rebound as Amazon, Intel Rally: Markets Wrap
- US economy expands by most since 2021 on household spending
- ECB leaves interest rate on hold at 4%, pausing cycle of hikes
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Tech giants looked set for a rebound from a selloff that drove the Nasdaq 100 down to its lowest since May, with Amazon.com Inc. and Intel Corp. rallying in late hours after reporting solid earnings.
A $192 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) rose in late trading after slumping almost 2% on Thursday. The selloff also put the S&P 500 on the brink of a “correction” — with the gauge down almost 10% from its July peak. Ford Motor Co. sank after the close on disappointing numbers. Treasury yields fell as economic data suggesting inflation pressures continue to dissipate despite solid growth kept traders betting on a Federal Reserve pause.