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Stock market news today: Nasdaq slides after mixed big tech results

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The Google parent's cloud business fell short in its earnings, spreading some gloom for megacaps already under pressure from rising yields.

Other megacaps lost ground as the mixed picture sapped some faith in big techs, which have powered gains in stocks this year. Amazon -- Bank of America Corp.’s Jim DeMare warned of the knock-on effects of short-term Treasury yields at 5% and said higher interest rates are having a “dramatic change” on the biggest global industry trends.

Rated lowest margin fees by StockBrokers.com. Borrow against your securities at low cost. Rates subject to change. Your capital is at risk.The 7.9% average contract rate for a 30-year fixed-rate mortgage during the week ended Oct. 20 was up 20 basis points from the prior week, the Mortgage Bankers Association said. "These higher mortgage rates are keeping prospective homebuyers out of the market and continue to suppress refinance activity.

 

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