NEW YORK — Drops for Tesla and Google parent company Alphabet are dragging indexes lower after the Big Tech giants delivered earnings that failed to impress. The S&P 500 fell 1.1% early Wednesday and is on track for its fifth fall in six days. The Dow Jones Industrial Average fell 150 points, or 0.4%, and the Nasdaq composite slumped 1.8%. Tesla fell 9.5% after the electric vehicle maker said its profit for the spring sank 45%. Alphabet dropped 5.
Alphabet Inc., Google’s parent company, delivered another quarter of steady growth amid an AI-driven shift in the ubiquitous search engine that is the foundation of its internet empire. But its YouTube ad revenue did not meet expectations, and its shares fell 3.5% before the bell. On Thursday, the government releases its first estimate on gross domestic product in the U.S. during the second quarter. On Friday, all eyes will be on the latest inflation data contained in the government's consumer spending report. Personal consumption expenditures, or PCE, is the Federal Reserve's preferred measure of inflation and part of the broader economic data the Fed uses when making monetary policy.
The U.S. dollar was trading over 162 yen earlier this month but the Japanese currency has strengthened in recent days after officials intervened to staunch the yen's decline. Expectations that the BOJ may raise its near-zero interest rate, and that the Federal Reserve may in turn cut rates, have helped support the yen, which has languished as the gap between U.S. rates and those in Japan widened.
Australia’s S&P/ASX 200 edged 0.1% lower to 7,963.70 after its services sector saw weaker growth in July. Manufacturing improved slightly but remained in contractionary territory.
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