Stocks slid on Thursday as Wall Street digested discouraging quarterly reports from megacap technology names and awaited further results.
The Dow Jones Industrials fumbled 191.94 points at 41,848.60.
The S&P 500 index staggered 76.54 points, or 1.3%, to 5,737.13
The NASDAQ gave up 388.55 points, or 2.1%, to 18,219.38.
Microsoft shares slid more than 5% after the tech giant’s revenue guidance disappointed investors and overshadowed a quarterly earnings beat. Meta Platforms dropped 2.2% 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.
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 dropped by the close, raising yields to 4.32% from Wednesday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices jumped 81 cents to $69.42 U.S. a barrel.
Prices for gold cratered $40.60 an ounce to $2.760.20 U.S.
