Amazon stock slumps on hiring data as US labor market looks weak

Amazon stock gave back 3.65% on Friday. August US NFP data showed a hiring miss, while June and July figures were revised lower. Mainstream view still expects 25 bps cut on September 18, but JPMorgan calls for 50 bps. Analyst expects Magnificent Seven, especially

, to sink on slowing EPS growth in Q3. Amazon was injured more than most of the Magnificent 7 stocks on Friday, endingthe day 3.65% lower. The culprit was the Nonfarm Payrolls print for August that came in 11% below expectations. The wider market also fell victim to the bad hiring figure in the US, which came in 18K below consensus at 142K. The Dow Jones lopped off 1% of its value, while the NASDAQ drained by 2.55%.

recovered quickly off the 100-day SMA, which it is currently far below. The more likely points of support are the $152 level from the August 5 dive and the $145 level that formed support in January. daily stock chart

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Magnificent 7 Stocks: Is This the Right Time to Buy?Stocks Analysis by MarketBeat.com (Ryan Hasson) covering: Microsoft Corporation, Alphabet Inc Class A, Apple Inc, Amazon.com Inc. Read MarketBeat.com (Ryan Hasson)'s latest article on Investing.com
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Hedge funds buying these two Magnificent 7 stocks while cutting Netflix and MetaHedge funds buying these two Magnificent 7 stocks while cutting Netflix and Meta
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