David Mastroianni on Microsoft Overtaking Amazon | NECN Market Analysis

Microsoft Overcomes Amazon as Second-Largest Company

David Mastroianni, strategic account executive at Adviser Investments, has the market analysis for Friday, October 26. Major U.S. stock indexes fell, with the Dow Jones Industrial Average, S&P 500 and NASDAQ down 1.2%, 1.7% and 2.1%, respectively. The University of Michigan’s monthly consumer sentiment gauge for October came in 0.4% below expectations. These slightly weaker-than-anticipated results are likely attributable to stock market volatility, rising interest rates and the midterm election; however, consumer confidence remains near an all-time high. Meanwhile, Amazon fell nearly 8%—its largest single day decline since 2014—and lost its ranking as the second-largest U.S. company to Microsoft’s $821 billion market capitalization.

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