Stocks close lower, with Nasdaq down 1.6% as Big Tech leaders Meta and Microsoft decline after earnings
U.S. stocks fell on Thursday as investors digested a batch of Big Tech earnings, while a meeting between President Donald Trump and Chinese President Xi Jinping concluded.
The S&P 500 dipped 0.99% to finish the day at 6,822.34, while the Nasdaq Composite dropped 1.57% to close at 23,581.14. The Dow Jones Industrial Average traded down 109.88 points, or 0.23%, to 47,522.12.
Megacap tech giants Alphabet, Meta and Microsoft each reported quarterly results after market close Wednesday. While Alphabet shares popped 2.5% on the back of strong results, shares of Meta and Microsoft tumbled more than 11% and roughly 3%, respectively. Investors grew worried about the increased spending outlooks for both Meta and Microsoft.
The drop in Meta and Microsoft, as well as artificial intelligence chip giant Nvidia, marked a rotation out of technology stocks in the session. While those were lower, bank stocks such as JPMorgan and Bank of America saw gains, as did health-care stocks on the heels of Eli Lilly’s stronger-than-expected quarterly results and guidance raise. Shares of Eli Lilly were up almost 4%.
Source : Cnbc.com
