The S&P 500 lost 120.42 points, or 2.8%, to 4,176.03 points, while The Nasdaq lost 513.03 points, or 3.9%, to 12,493.71, in its worst day since September 2020. The Dow Jones Industrial Average fell 808.75 points, or 2.0%, to 33,240.71.
Growth stocks, previously preferred by the market, have taken a hit in recent weeks as investors worry about the impact of rising interest rates on their future earnings. At the same time, the confinement in China due to Covid-19 and the aggressive turn of the main central banks to fight inflation overshadowed a better-than-expected quarterly earnings season.
Alphabet Inc., the parent company of Google, missed Wall Street estimates for quarterly salesits first failure since the pandemic began, as advertisers cut spending against the backdrop of growing concerns about a global economic slowdown. The papers fall in the after market up to 6.4%.
As soon as to the balance sheet filed by Microsoft Corp on Tuesday beat Wall Street expectations for quarterly earnings. He was buoyed by strong demand for the software giant’s cloud-based services due to the pandemic-driven shift to hybrid working models. Despite this, after the close of the market, papers fell 1%.
Source: Ambito
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