US stocks pressured by mixed earnings, Capitol Hill turmoil

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Traders work on the floor of the New York Stock Exchange in New York City, US, October 20, 2023. — Reuters picNEW YORK, Oct 25 — Wall Street stocks mostly fell early today following mixed earnings reports, while markets monitored the latest struggle on Capitol Hill to elect a key congressional leader.

Tech giants Microsoft and Google parent Alphabet moved in opposite directions after reporting results late Tuesday that highlighted the rising demand for artificial intelligence systems. Meanwhile, Republicans made their fourth pick in just two weeks to replace the ousted speaker of the US House of Representatives.“The more this goes on, the more a potential shutdown is possible,” said Quincy Krosby of LPL Financial.The broad-based S&P 500 fell 0.7 per cent to 4,217.40, while the tech-rich Nasdaq Composite Index dropped 1.3 per cent to 12,972.70.Krosby said investors are also anxious about Thursday’s US gross domestic product data for the third quarter.

Forecasters think the world’s top economy could log four per cent growth — a lofty level that could prompt the Federal Reserve to further hike interest rates. — AFP

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