NEW YORK — The downside of high expectations thumped Wall Street on Thursday, and Microsoft and Meta Platforms dragged U.S. stock indexes lower despite delivering strong profits for the summer.
The parent company of Facebook, meanwhile, likewise served up a better-than-expected profit report. As with Microsoft, that wasn’t enough to boost its stock. Investors focused instead on Meta Platforms’ warning that it expects a “significant acceleration” in spending next year as it continues to pour money into developing artificial intelligence. It fell 4.1%.
Earlier this month, Tesla and Alphabet kicked off the Magnificent Seven’s reports with results that investors found impressive enough to reward with higher stock prices. Such a big move might have been overdue following an unusually long and placid run, according to Jonathan Krinsky at BTIG. He pointed to how the S&P 500 had failed to move by 1% in a day in either direction, without accounting for rounding, for the longest stretch in nearly three years.Norwegian Cruise Line Holding steamed 6.3% higher after delivering stronger profit for the latest quarter than analysts expected.
All told, the S&P 500 fell 108.22 points to 5,705.45. The Dow dropped 378.08 to 41,736.46, and the Nasdaq composite tumbled 512.78 to 18,095.15.
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