- The stock market is feeling the heat again of investors disappointed in a megacap that has a huge outsize effect on the indexes.
- The Nasdaq (COMP.IND) -1% is sliding as Amazon's sales miss has sellers coming out in force.
- All the megacaps are in the red, and that's pushing the S&P 500 (SP500) -0.6% down.
- And this morning's earnings weren't too much help for the Dow (DJI) -0.2%, although it is doing the best of the major averages.
- Also weighing is a slide in social media stocks, with Pinterest diving on low user numbers.
- On the economic front, core PCE inflation, the favorite gauge of the Fed, came in a little cooler than expected for June.
- The 10-year Treasury yield is down 2 basis points to 1.25%.
- BofA is looking at a "stagflation light" scenario for the second half of the year.
- But Mohamed El-Erian says stagflation may be part of the economic journey, but it won't be its destination.
- Check out the individual stocks making the biggest moves this morning.