“US Market Experiences Sharp Decline After Statement from Amazon CFO, along with Disappointing Reports from Snapchat, Intel, and Pinterest”

Investing.com – Updated at 22:14 GMT

US index futures fell, erasing gains of more than 500 points, after a statement from Amazon’s chief financial officer that the growth of Amazon Web Services (AWS) is slowing.

The stock gave up more than 10% of its earnings.

Disappointing business reports also came from Snapchat (NYSE: NYSE), and the stock fell 20% after the news.

Profits of Intel Group (NASDAQ:) also declined, with the stock falling by 17%.

Shares of Pinterest (NYSE:) fell 13%, after disappointing business results.

And some Wall Street analysts believe that the earnings season is not as strong as it seems, because the results, although they are better than expected, do not show significant growth for companies compared to the first quarter of last year. And 235 companies issued their reports, and the percentage of positivity exceeded 79%, according to FactSet.

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Amazon (NASDAQ:) released a report on the Wall Street outlook, and the stock jumped strongly in after-hours trade.

The company reported earnings per share of 31 cents, and revenue beat Wall Street expectations, coming in at 127.4 billion versus an expected $124.5 billion.

The earnings reports come after a strong rally in the technology stock index, Nasdaq, which ended the session up more than 2%, marking its best session since the beginning of the year. And in light of a series of major Wall Street earnings reports that beat expectations.

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The company’s advertising and cloud computing units managed to beat expectations, with revenues beating Wall Street analysts’ estimates.