Stocks tank as Amazon endures worst day since 2007

A busy earnings season has largely helped temper losses during a turbulent year, even with the notable disappointments. Yet fears of tightening monetary policy at the Federal Reserve, combined with COVID-19 lockdowns in China and Russia’s war in Ukraine has dented sentiment, especially for frothy growth shares that have future profits at risk. Shares of Apple Inc. also declined 2.4 per cent after warning of supply constrains.

Tech companies are set to show a profit contraction of 1.2 per cent for the first quarter, compared with growth of 12 per cent for the rest of the market, according to Credit Suisse’s Jonathan Golub. Large tech firms have also beat earnings by 2.3 per cent versus 8.6 per cent for the rest, his data shows.Article content

Bezos loses $13 B in a matter of hours. Imagine having that much money to lose. With billions more where that came from. As F Scott said, the rich are different from you and me.

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