NEW YORK (TheStreet) -- Earnings and consumer sentiment did little to lift the major indices Friday morning. The Dow, Nasdaq and S&P 500 each fell more than half-a-percent in the wake of disappointing results from online retail giant Amazon (AMZN) and Ford (F). Strong results from Microsoft (MSFT) didn't silence chatter about a tech bubble. And a nine-month high in consumer sentiment failed to counter rising concerns about war in the Ukraine.
Amazon fell more than 8.5% after investors decided the company's declining operating income didn't warrant an 80X price to 2015 earnings multiple. Some investors said the severity of the sell-off showed that the five-year bull market was officially in the midst of a correction.
That's how bull mkts act-bad ER are lightly sold off,no damage-good ER pop and gr8t ER explode. Corrections/bear mrkts react different $AMZN- Optionshero (@OptionsHero) Apr. 25 at 10:10 AM
Sentiment on the ETFs that track the S&P 500, $SPY, Dow, $DIA, and Nasdaq, $QQQ, was majority bearish, according to StockTwits? analytics. This despite consumers feeling the best they have in a long time. A Thomson Reuters/University of Michigan survey showed consumers felt more positively about the economy than they had in nine months. The index hit 84.1, beating consensus estimates and preliminary numbers.