Stocks were under pressure Thursday, weighed by the latest batch of corporate earnings as two Dow members drop by more than 10%.
The Dow Jones Industrials skidded 102.71 points to 52,372.31.
The S&P 500 ditched 18.66 points to 7,725.32.
The tech-heavy NASDAQ thundered lower 308.85 points to 26,241.
Alphabet lost 12% after it missed expectations on adjusted earnings per share and revenue in the third quarter. The Google parent posted negative free cash flow of $9.07 billion. The company kept its full-year capital expenditures forecast at $195 billion to $205 billion.
Fellow Dow member Caterpillar slid 10%. While the industrial giant reported better-than-expected revenue and earnings for the third quarter, sales in its construction industries business came in slightly below estimates.
Microsoft was also lower, reversing course from its initial advance after growth in the Windows maker’s Azure cloud infrastructure business helped earnings and revenue to beat analyst estimates in its fiscal first quarter ending in September, according to LSEG. The stock was last
down more than 1%.
Neoclouds fell as Microsoft’s lower-than-expected capital spending commitment pointed to infrastructure partners taking longer to deliver data center capacity. CoreWeave dropped more than 2%, while Nebius pulled back more than 5%.
Prices for the 10-year Treasury gained ground, lowering yields to 4.97% from Wednesday’s 5.05%. Treasury prices and yields move in
opposite directions.
Oil prices dropped $2.53 to $100.25 U.S. a barrel.
Gold prices slumped $18.20 to $4,033.40 U.S. an ounce.
