U.S. Stocks Open Lower on Wednesday; Microsoft and Alphabet Tumble

Tiger Newspress2022-10-26

Stocks opened lower after a disappointing first round of technology earnings made investors more cautious looking toward the second half of the week.

The Nasdaq 100 and S&P 500 opened down 2.3% and 0.9%, respectively, as tech companies provided downward pressure. The Dow Jones Industrial Average added 29 points, or 0.1%, with Visa buoying the index after beating expectations on earnings and revenue when reporting its fourth-quarter earnings.

Shares of Google-parent Alphabet dropped 8%. The online search giant missed expectations on the top and bottom lines. Alphabet also reported a decline in YouTube ad revenue, which spurred investors to deliberate the outlook for other tech companies that rely on ad spending.

Meanwhile, Microsoft declined about 8% after the tech giant reported weaker-than-expected cloud revenue in its latest quarterly results, despite beating earnings and revenue estimates. The company also issued current-quarter revenue guidance that fell short of expectations.

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Comments

  • PearlynCSY
    2022-10-27
    PearlynCSY
    Stock futures rose in overnight trading Wednesday as investors seemed to brush off disappointing results from Meta Platforms Shares of the Facebook parent company plummeted 18% in extended trading on a weak fourth-quarter forecast. Futures tied to the Nasdaq 100 traded 0.13% higher, while S&P 500 futures gained 0.21%. Futures tied to the Dow Jones Industrial Average rose 112 points, or 0.35%. Stocks were mixed in Wednesday’s regular trading session as traders digested disappointing quarterly reports from Alphabet and Microsoft, and assessed what that means for future Federal Reserve rate hikes and economic growth. Both the Nasdaq Composite and S&P 500 snapped three-day win streaks, closing 2.04% and 0.74% lower, respectively. The Dow Jones Industrial Average finished marginally hig
  • miker9110
    2022-10-26
    miker9110
    K
  • NPC69
    2022-10-26
    NPC69
    K
  • Edwardtoh
    2022-10-26
    Edwardtoh
    Like 
  • Chopper0905
    2022-10-26
    Chopper0905
    expected with advertising revenues down so much.
  • JunRui
    2022-10-26
    JunRui
    Thanks
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