NEW YORK — Wall Street is feeling the downside of high expectations as Microsoft and Meta Platforms lead U.S. stock indexes lower despite delivering strong profits for the summer. The S&P 500 was down 0.8% in early trading Thursday and edging further from its record set earlier this month. The Dow Jones Industrial Average was down 207 points, or 0.5%, and the Nasdaq composite was 1.3% lower.
Meta, the parent company of Facebook, also posted stronger-than-expected quarterly results, but warned that it expected a “significant acceleration” in infrastructure spending next year as it continues to pour money into developing AI. Meta shares lost 2.6% overnight. Uber slid 5.3% after the ride-hailing app after reported that gross bookings growth slowed, overshadowing its strong third-quarter results.
South Korea's Kospi dropped 1.5% to 2,556.15 after North Korea test launched a new intercontinental ballistic missile designed to be able to hit the U.S. mainland in a move that was likely meant to grab America's attention ahead of Election Day.
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