Amazon's stock sank on Thursday afternoon, weighed down by mixed guidance and AI competition, though the company beat Q2 earnings expectations.

AMZN beats on Q2 earnings and revenues, but weak Q3 guidance sparks an 8% drop in shares, putting key ETFs like FDIS, ONLN, VCR and XLY in the spotlight.

Google parent Alphabet offered up its own strong results, noting cloud revenue climbed 32% and backlog, or purchase commitments from customers not yet realized, rose 38%. Search also performed better than expected during the quarter, with sales increasing 12% year over year.