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Stocks slid on Thursday as Wall Street digested discouraging quarterly reports from megacap technology names and awaited further results.
The Dow Jones Industrials fumbled 280.56 points at 41,860.98.
The S&P 500 index staggered 80.41 points, or 1.4%, to 5,733.26.
The NASDAQ gave up 417.29 points, or 2.2%, to 18,190.64.
Microsoft shares slid 6% after the tech giant’s revenue guidance disappointed investors and overshadowed a quarterly earnings beat. Meta Platforms dropped more than 3% after the Facebook parent missed the Street’s expectations for user growth and warning that capital expenditures will significantly rise in 2025. To be sure, Meta managed to beat on both top- and bottom-lines in the third quarter.
Big tech earnings so far this week have been a mixed bag. While Alphabet shares rose nearly 3% on Wednesday after the company reported strong revenue growth, chipmaker AMD fell more than 10% as investors were disappointed by the company’s guidance for the fourth quarter.
Tech earnings continue on Thursday with results from megacap stocks Apple and Amazon due after the bell.
The latest personal consumption expenditures price index showed inflation rose at an annualized pace of 2.1% in September, arriving in-line with estimates and moving closer to the Federal Reserve’s 2% target. The PCE reading is the Fed’s preferred inflation gauge.
Prices for the 10-year Treasury recovered strength, lowering yields back to Wednesday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices jumped 71 cents to $69.32 U.S. a barrel.
Prices for gold cratered $51.50 an ounce to $2.749.40 U.S.
