Advertisment
The S&P 500 fell on Thursday, bogged down by Microsoft, as traders reacted to the megacap technology name’s latest earnings results as well as the Federal Reserve interest rate decision.
The Dow Jones Industrials descended 143.13 points to move into Thursday afternoon at 48,872.47.
The much-broader index skidded 71.77 points, or 1%, to 6,906.36.
The NASDAQ floundered 450.6 points, or 1.9%, to 23,407.64.
Microsoft dragged down the benchmark with an 11% drop, which would be its worst one-day slide since March 2020.
That’s after the megacap tech name reported that cloud growth slowed in the fiscal second quarter. The company also issued soft guidance on operating margin for the fiscal third quarter.
Fellow “Magnificent Seven” member Tesla shares saw losses as well, pulling back more than 1% after the electric vehicle maker recorded a drop in annual revenue for the first time ever.
Those disappointing results now puts the pressure on Apple to deliver with its earnings results, which are set to be reported after the bell Thursday.
Keeping losses in check, however, was an 8% jump in Meta shares after the Facebook parent gave a stronger-than-expected first-quarter sales forecast.
Elsewhere in earnings, Caterpillar shares were up more than 4% after the industrial giant reported fourth-quarter results that easily beat the Street.
Prices for the 10-year Treasury gained a small bit of territory, lowering yields to 4.24% from Wednesday’s 4.25%. Treasury prices and yields move in opposite directions.
Oil prices added $1.94 to $65.15 U.S. a barrel.
Gold prices darkened $63.10 to $5,240.50.
