rebound in tech stocks Thursday helping to press the pause button on a massive slide in global markets. The Dow rebounding 401 points to return back into positive territory for the year. A reversal in the tech heavy NASDAQ was even more stunning, up nearly 3% one day after its biggest drop in seven years.
But disappointing results after the markets closed could take some air out of investor enthusiasm. Amazon not only missed quarterly sales estimates but it issued guidance for the key holiday shopping quarter that was below analyst forecasts. Sending the stock lower in after hours trade. It was a similar story with Google parent, Alphabet.
Sales came in below expectations and rising expenses are starting to take a toll on the company's financials. Alphabet is facing an uptick in spending tied to increasing regulatory scrutiny of the use of consumer data. The results knocked Alphabet stock lower, and Facebook, which faces similar concerns of data privacy, took a hit, as well.