Market Open: Tech Shares Slammed, Amazon & Intel Miss Forecasts, Oil Giants Beat Forecasts

0:01I'm Peter Schacknow, CFBC. Stocks are lower with tech shares getting slammed following an earnings miss by Amazon and a soft forecast from chipmaker Intel. The Dow falling 201 points at 52 ,142. The S &P 500 dropping 90 points or 1.2 percent. The Nasdaq Composite with a 2.2 percent hit. That's 572 points. Amazon is down 7.5 percent in early trading. The company's Amazon Web Services business did see its results come in better than expected, but its holiday season sales guidance didn't meet expectations and its free cash flow fell. Intel is getting slammed 25 percent after its weaker-than-expected forecast and saying it will experience a cash burn due to a weak PC market and spending to expand capacity.

0:48Matt Orton, chief investment strategist at Raymond James, says these results, on top of other recent reports, are weighing on investor sentiment. There have been some notable misses. Alphabet was a notable miss. There really wasn't anything great there except for the growth of their cloud business. You've seen some big headline software misses. There's been some semiconductor misses. And what it really comes down to is the fact that capacity is still very, very tight. But being able to build out that capacity comes at a cost. And we're starting to see that cost be manifested across the market.

1:20Other stocks on the move include Reddit down 22 percent. The social media company's earnings did beat forecasts, but the number of active daily users did not. Shares moving higher include ExxonMobil up 2 percent, Chevron up 1.5 percent, after both oil giants reported better than expected profit. Peter Schach now, CNBC. Traders don't need a prettier app. They need a better angle. Schwab's thinkorswim trading platforms were built for real traders like you. They have an insane amount of chart studies. I'm talking over 300 studies for virtually any strategy. They also have integrated risk management technology and nearly unlimited customization so you can shape the platform to fit the way you trade.

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