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One stock with the potential to shift market sentiment today is Amazon (Nasdaq: AMZN), which is poised to report its Q4 earnings after the closing bell. Investors and traders are fixated on the company’s cloud business, as well as its AI capex plans in light of Google’s massive investment. Bullish projections place Amazon’s capex for 2026 at $145 billion-$147 billion, a pattern that is spooking the markets. AMZN stock is losing 3.7% in today’s broader market sell-off.
The labor market is off to a shaky start in 2026 as layoffs last month rose to the highest level since the Great Financial Crisis, according to Challenger, Gray & Christmas data. In January, organizations reported layoffs of over 108,400, more than doubling from year-ago levels and far surpassing December’s results. January’s layoffs were the most severe the economy has experienced since 2009. The number of new jobs added climbed just over 5,300, reinforcing a no hire, no fire climate for job seekers.
BMO Capital Markets maintains a bullish outlook on stocks, forecasting the S&P 500 will reach 7,380 by year-end 2026. The forecast suggests upside potential of approximately 8.3% from current levels with positive catalysts such as global monetary policy and fiscal spending serving as a cushion for equities, even as investors navigate macroeconomic headwinds.
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The markets are under pressure today after Big Tech stocks spooked investors with their hefty capex agendas for 2026. Google parent Alphabet (Nasdaq: GOOGL | GOOGL Price Prediction) Google shocked the markets by basically doubling its capital expenditures roadmap to $185 billion in 2026 compared with expectations of $120 billion in a bid to drive growth. GOOGL stock, which is a member of the Nasdaq Composite, is currently down about 3% while its market cap is hovering at $3.9 trillion.
Meanwhile, Nvidia (Nasdaq: NVDA) is reportedly bracing for a chip shortage that will prevent new gamer graphic chips from hitting the markets this year. Nvidia stock has sunk 9% in the past five days alone.
On the economic front, 231,000 Americans found themselves in the unemployment line last week, surpassing estimates of a lesser 209,000.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 49,276.73 Down 224.57 (-0.39%)
Nasdaq Composite: 22,796.86 Down 97.71 (-0.43%)
S&P 500: 6,853.03 Down 32.69 (-0.47%)
Google parent Alphabet (Nasdaq: GOOGL) Alphabet’s sales and profits rose by double-digit percentages, but traders and investors are spooked by its capex plans. Meanwhile, Meta Platforms (Nasdaq: META) has committed $125 billion in capex this year, also racing past market expectations.
Super Micro Computer (Nasdaq: SMCI) has taken investors on a roller coaster ride this week after reporting Q2 earnings, with the stock trading in a range of $28.64 and nearly $35 per share in the past few days alone.
Broadcom (Nasdaq: AVGO) and Netflix (Nasdaq; NFLX) are gainers, tacking on nearly 5% and 4%, respectively, today but failing to lift overall market sentiment.
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Gerelyn Terzo is the author of dividend investing handbook "Dividend Investing Strategies: How to Have Your Cake & Eat It Too." A veteran financial journalist, she covers agri-finance for outlets like Global AgInvesting and the broader stock market and personal finance for 24/7 Wall Street. She began at CNBC and later helped launch Fox Business in New York. Gerelyn currently resides in Woodland Park, Colorado and dabbles in nature photography as a hobby.
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