The Nasdaq and the S&P 500 slipped on Wednesday as tech giant Alphabet slumped after its cloud division missed revenue estimates, while post-earnings gains in Microsoft and Boeing helped lift the Dow.
slid 8.6% to a three-month low as its cloud business crawled to its slowest growth in at least 11 quarters., on the other hand, rose 3.8% to a three-month high after topping expectations for first-quarter results in all segments, including its
"Investors are worried that Alphabet is losing out to Microsoft and Amazon in a sector deemed to have enormous growth potential due to the future uptake of generative artificial intelligence," David Morrison, senior market analyst at Trade Nation, said.advanced 1.9% on sticking to its goal of generating $3 billion to $5 billion in free cash flow and beating third-quarter revenue estimates.
Of the 118 S&P 500 companies that have reported so far, 81% have beaten analysts' earnings expectations, LSEG data showed on Tuesday. Quarterly earnings are expected to grow 1.7% year-on-year.of southern Gaza, where officials said record numbers of Palestinians had been killed again, as violence flared elsewhere in the region and a showdown loomed at the U.N. on Wednesday over desperately needed aid.
The S&P index recorded no new 52-week high and 32 new lows, while the Nasdaq recorded 11 new highs and 144 new lows.The Bank of Canada on Wednesday held its key overnight rate at 5.0% as expected and forecast weak growth, while leaving the door open to more rate hikes to tame inflation that could stay above target for another two years.
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