The stock market correction intensified on Thursday as the Nasdaq composite experienced a sharp decline, falling below its 200-day moving average. Despite a brief bounce from intraday lows, tech giants led the downward trend, causing concerns among investors.

Among the tech companies affected, Meta Platforms signaled concerns about advertising, impacting not only its own stock but also that of Google parent Alphabet. Amazon.com, which headlined earnings after the close, initially saw a rise in stock value but later reversed slightly lower in late trade. While Amazon reported better-than-expected earnings and sales, its Q4 revenue guidance was slightly below expectations.

Other tech giants, including Apple, Tesla, and Microsoft, also faced losses during Thursday's trading session. Even though Microsoft reported strong earnings on Wednesday, the gains were erased as the stock gave up all its previous gains on Thursday.

In terms of earnings, Chipotle Mexican Grill, Ford Motor, Intel, Dexcom, Deckers Outdoor, and Enphase Energy reported on Thursday night. Out of these, Intel, Dexcom, and Deckers were the standout winners, while CMG stock edged higher. Conversely, Ford experienced a solid decline, and Enphase Energy stock plunged during after-hours trading.

Looking ahead, Exxon Mobil and Chevron are set to report their earnings on Friday morning. The oil majors' shares have recently tumbled due to large takeover deals and the decline of crude oil and gasoline futures from their highs.

In overnight trading, Dow Jones futures advanced 0.1%, with a modest lift from Intel stock. S&P 500 futures rose slightly, while Nasdaq 100 futures lost 0.15%. However, it is important to note that overnight activity in futures markets does not always translate into actual trading during regular stock market sessions.

Despite the relatively balanced market breadth on Thursday, with winners nearly equaling losers, the overall trend remained bleak, with the major indexes continuing to struggle. The small-cap Russell 2000 showed some resilience by climbing 0.3%, though it still neared its worst levels since late 2020. The Invesco S&P 500 Equal Weight ETF dipped 0.2% and is currently trading at its lowest levels in almost a year.

As earnings season progresses, investors had hoped for a market revival. However, earnings reports have turned out to be a negative catalyst thus far, contributing to the ongoing correction. The market briefly experienced a bounce during Thursday's trading session, but it was short-lived, lasting only about 90 minutes.

In the commodities market, U.S. crude oil prices fell 2.55% to $83.21 a barrel. This decline in oil prices contributed to the losses observed in the Energy Select SPDR ETF, which declined 0.8%.

Overall, the tech sell-off and stock market correction continued on Thursday, with the Nasdaq composite plunging below its 200-day moving average. The market remains volatile and investors are closely monitoring earnings reports as well as other factors that could influence market sentiment in the coming weeks.