Stocks slide as Tesla, Alphabet earnings drag on megacaps

July 24 - Wall Street fell on Wednesday, with the tech-heavy Nasdaq leading declines after lackluster quarterly results from Tesla and Alphabet raised questions about the sustainability of the Big Tech and AI-led 2024 equity rally.

Alphabet's losses underscored the high earnings bar for the so-called Magnificent Seven, a set of megacap tech stocks that have notched double- and triple-digit percentage gains so far in 2024, riding on the optimism around AI adoption and expectations of an early start to the Federal Reserve's interest-rate cuts.

Chary of the high valuation of these companies, market participants started shifting to underperforming sectors in mid-July. Morrison sounded a note of caution, saying broad megacap declines could drag the entire market down. In economic data, S&P Global's flash U.S. Composite PMI Output Index showed business activity climbed to a 27-month high in July.

At 9:51 a.m. ET, the Dow Jones Industrial Average , opens new tab was down 203.99 points, or 0.51%, at 40,154.10, the S&P 500 , opens new tab was down 64.25 points, or 1.16%, at 5,491.49, and the Nasdaq Composite , opens new tab was down 328.36 points, or 1.82%, at 17,669.00. Solar inverter maker Enphase Energy , opens new tab jumped 7.4% after beating estimates for second-quarter operating profit, while General Dynamics fell 5.1% after delivering fewer business jets than expected in the second quarter.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks waiver, investors eye Tesla and Alphabet earnings: Yahoo FinanceUS Equities (^GSPC, ^DJI, ^IXIC) fell heading into the afternoon after briefly posting gains on Tuesday morning. Markets are wobbly after a slew of big...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock market news today: US stocks slip ahead of Alphabet, Tesla resultsA marquee earnings day brings Big Tech results, in focus as investors assess the future of this year's rally.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stocks close below flatline ahead of Alphabet, Tesla earningsThe major market averages (^DJI, ^IXIC, ^GSPC) close just below their flatlines as stocks await the release of top second quarter earnings from Magnificent...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Futures slide after Tesla, Alphabet earnings disappointThe Kitco News Team brings you the latest news, videos, analysis and opinions regarding Precious Metals, Crypto, Mining, World Markets and Global Economy.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Tesla, Alphabet, LVMH under pressure on earnings: 3 ThingsTesla (TSLA) stock is falling in pre-market trading after reporting mixed second-quarter earnings results on Tuesday, expecting a 'notably lower' growth rate...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Tesla, Alphabet Q2 results: The top 3 earnings takeawaysShares of Tesla (TSLA) and Alphabet (GOOG, GOOGL) are sinking in Wednesday's pre-market trading — and into regular trading hours after the market open...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »