U.S. Stocks Open Mixed on Monday; Alphabet Shares Fall 4%

Tiger Newspress2023-04-17

Stocks were flat Monday, as traders pored over the latest batch of corporate earnings results, looking for clues on the health of corporate America.

The Dow Jones Industrial Average rose just 32 points, or 0.1%. The S&P 500 and Nasdaq Composite fell marginally.

Earnings season continued with results from State Street, M&T Bank and Charles Schwab. Schwab shares, which have been under pressure recently as traders feared the brokerage may suffer a similar fate to regional banks Silicon Valley Bank and Signature Bank, rose slightly premarket. Despite broader banking concerns, the company's defended its financial position, noting last month it has a low loan-to-deposit ratio.

Shares of the Google parent slid 4% in early morning trading after The New York Times reported that Samsung is discussing using Microsoft's Bing as the default search engine on its devices given its recent AI technology advancements, which would replace Google. The report, citing internal messages, said Alphabet learned about the discussions in March and that about $3 billion in annual revenue is at stake.

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Comments

  • APearce
    2023-04-18
    APearce
    Will be VERY interesting if Samsung goes the Bing route
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