Stock market today: Indexes drop as tech shares slide before Apple, Amazon earnings

Date:

Apple CEO Tim CookJustin Sullivan/Getty Images
  • Indexes fell for a second day on Thursday as a huge week for tech earnings shows mixed results.

  • Meta and Microsoft slid after slight earnings beats, and Amazon and Apple are set to report after market close.

  • PCE inflation, the Fed’s preferred inflation gauge, dropped to 2.1% while jobless claims fell more than expected.

Indexes slid on Thursday, heading for a second day of declines as big tech earnings fail to impress investors so far.

The S&P 500 and Nasdaq both slid, and the Dow Jones Industrial Average lost over 200 points shortly after the opening bell.

The drop comes amid a packed week for earnings, with several of the biggest tech stocks reporting third-quarter results.

Microsoft and Meta reported earnings that beat estimates after the closing bell on Wednesday, but the shares of both tech giants slid on forward guidance. Microsoft declined more than 4% after it shared expectations for slower growth in its cloud business, while Meta shares lost over 2% after forecasting “significant” capital expenditures growth next year.

Earlier in the week, Alphabet’s earnings beat generated more enthusiasm among investors as CEO Sundar Pichai said the company’s AI investments are “paying off.”

Investors are bracing for earnings from Apple and Amazon after market close today. They will be paying particularly close attention for signs that AI is driving iPhone demand for Apple, especially after the company rolled out its iOS 18.1 update earlier this week, and they expect a strong beat from Amazon.

Meanwhile, the personal-consumption expenditures index, the Fed’s preferred inflation gauge, cooled to 2.1% year over year in September from 2.2% in August. That marks progress toward the Fed’s 2% inflation target, but the core index—which excludes food and energy prices—came in hotter than expected at 2.7%.

Jobless claims from last week fell by more than expected to 216,000, a 12,000 drop from the week prior. Economists had expected claims to come in at 230,000.

Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:

Here’s what else is going on:

Share post:

Popular

More like this
Related

Winter fuel payment cuts more dangerous than DWP admits, warn charities

The number of older people affected by means testing...

Stephan El Shaarawy to surpass Vincent Candela in number of appearances made for Roma

Stephan El Shaarawy is eyeing a place in Roma’s...

Is France v Argentina on TV? Kick-off time, channel and how to watch Autumn Nations Series

France and Argentina meet in an intriguing clash as...

Browns seal comeback win over Steelers in blizzard

The Cleveland Browns overcame blizzard conditions to secure a...