Google parent Alphabet and Microsoft reported earnings beats but failed to please investors with flimsy full-year guidance.
The Nasdaq Composite IXIC slipped 0.8% on Tuesday after an adverse investor reaction sent technology stocks on a trip to lower valuations. Markets pulled away from technology companies just as the sector is mobilizing to step into the spotlight and update on quarterly financials.
It’s crunch time for Big Tech this week and five of the Magnificent Seven tech companies are lined up to report. Google parent Alphabet GOOGL and the new $3 trillion king Microsoft MSFT posted strong quarterly figures, boosted by increased demand for AI services. But rising costs chased off bargain-hunting investors.
A fresh spate of earnings is trickling in as investors await reports by Amazon AMZN, Meta META, and Apple AAPL on deck for Thursday, after market close. Moods are slow to perk up early on Wednesday with stock futures floating in the red by about 0.6%.