LIVE MARKETS-Bouncing

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

BOUNCING

U.S. stocks are sharply higher heading toward the midpoint of the session, with the S&P 500 .SPX and Nasdaq .IXIC poised to snap three-day losing streaks as tech stocks .SPLRCT bounce back from what many analysts saw as an oversold condition.

Perhaps more impressive was the market rallying even as megacaps Amazon.com AMZN.O, Alphabet GOOGL.O and Meta Platforms META.O are declining.

Amazon is slumping nearly 8% and is poised for its biggest daily percentage drop since August 1 after it reported earnings and projected a surge of more than 50% in capital expenditures this year, making it the latest company to spook investors with massive AI spending that investors fear will not result in commensurate profits.

Meanwhile, a 3.5% jump in the S&P 500 tech sector is putting it on track for its biggest daily percentage jump since May 12.

However, that gain is driven more by stocks such as semiconductors .SOX, while software names, which have borne the brunt of the selling in the space this week on a global scale, are seeing less of a rebound.

The S&P 500 software and services index .SPLRCIS is up 1.5% on the day after a six-session swoon that saw the index fall more than 17%. Its 8.4% drop for the week would be its largest since mid-March 2020, when it plunged 14.8%.

Below is your market snapshot:

(Chuck Mikolajczak)

EARLIER ON LIVE MARKETS:

HINDENBURG RETURNS TO NASDAQ CLICK HERE

AI FEARS SHAKE UP EUROPEAN TECH, BUT OPPORTUNITIES ARE EMERGING CLICK HERE

TECH TAKES CENTER STAGE AMID THE MARKET'S RECENT RISK-OFF ROUT CLICK HERE

BANK OF AMERICA SAYS: 'STAY LONG DETROIT, SHORT DAVOS' CLICK HERE

BOE, ECB SET POUND AND EURO ON DIVERGENT PATHS CLICK HERE

EUROPE GETS A LIFT FROM DEFENCE, BUT AUTOS, AI-VULNERABLE SHARES FALL AGAIN CLICK HERE

FED UNDER PRESSURE AS LAYOFFS MOUNT CLICK HERE