By Caitlin McCabe and Ryan Dezember
Earnings season for Big Tech is rolling on. Investors' assessment: displeased.
Microsoft and Meta reported better-than-expected results, but that wasn't enough to lift the stocks. Microsoft shares lost more than 5% in early trading after the software company forecast slower growth in its cloud business. Meta shares slid after the Facebook owner said it expects "significant" growth in capital expenditures next year.
The results weighed on broader markets and underscored how big-tech companies are facing a tougher crowd this earning season. Investors will get more results Thursday, with Apple and Amazon due to report after the closing bell.
Thursday's declines risk sending the S&P 500 to its first monthly loss in five months.
In recent trading:
Stock indexes opened lower. The tech-heavy Nasdaq led the way down, shedding more than 1%.
Benchmark Treasury yields climbed above 4.3%, after settling Wednesday at 4.264%.
The Japanese yen strengthened after the Bank of Japan held interest rates unchanged, as expected, and said it expects inflation to stay near its 2% target.
Bitcoin hovered around $72,000, within striking distance of its all-time record.
The Stoxx Europe 600 declined in Europe. However, Société Générale shares rose more than 10%, on pace for their best day in more than two years.
Write to Caitlin McCabe at caitlin.mccabe@wsj.com and Ryan Dezember at ryan.dezember@wsj.com
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(END) Dow Jones Newswires
October 31, 2024 09:39 ET (13:39 GMT)
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