By Caitlin McCabe and Ryan Dezember
Stocks fell sharply Thursday with investors assessing earnings season for big technology companies with growing skepticism.
Microsoft and Meta Platforms reported better-than-expected results, but that wasn't enough to lift the stocks. Microsoft shares lost 6% after the software company forecast slower growth in its cloud business. Meta shares slid 4.1% 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 sent the S&P 500 to its first monthly loss in five months.
In recent trading:
Stock indexes skidded. The tech-heavy Nasdaq led the way down, shedding 2.8%. The S&P 500 fell around 1.9%, while the Dow industrials retreated 0.9%, or 378 points.
The October bond sell-off continued. Benchmark Treasury yields topped 4.3% before paring back to 4.282%.
Comcast shares rose 3.3% after the NBC owner reported higher quarterly sales and said it may spin-off its cable networks.
U.K. bond yields shot higher for a second day after the new government revealed plans for increased taxes and aggressive borrowing. The pound skidded against the dollar.
The yen strengthened after the Bank of Japan held interest rates unchanged, as expected, and said it expects inflation to hold near its 2% target.
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(END) Dow Jones Newswires
October 31, 2024 16:17 ET (20:17 GMT)
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