NASDAQ Falls as Earnings Season Continues

The NASDAQ fell Wednesday after a mega-cap tech company posted its latest quarterly results. Wall Street also looked toward the Federal Reserve’s decision on rate policy.

The Dow Jones Industrials surged 38.88 points to open Wednesday at 38,506.19.

The S&P 500 index sagged 34.91 points to 4,889.26.

The NASDAQ tumbled 211.35 points, or 1.4%, to 15,298.55.

Shares of Alphabet dropped more than 5% and were on pace for their worst day since Oct. 25 as disappointing ad revenue overshadowed better than expected earnings and sales. The pullback in Alphabet, despite its largely positive results, may be more of a short term, “buy on rumors, sell on news information” trend, according to one expert.

Prices for the 10-year Treasury showed their strength, lowering yields to 3.97% from Tuesday’s 4.04%. Treasury prices and yields move in opposite directions.

Oil prices sagged $1.42 to $76.40 U.S. a barrel.

Gold prices surged $21.00 to $2,071.90.