The Dow Jones Industrials fumbled 378.35 points at 41,763.19.
The S&P 500 index staggered 108.23 points, or 1.9%, to 5,705.44.
The NASDAQ gave up 512.78 points, or 2.8%, to 18,095.15.
Microsoft shares slid more than 5% after the tech giant’s revenue guidance disappointed investors and overshadowed a quarterly earnings beat. Meta Platforms dropped 3.8% after the Facebook parent missed the Street’s expectations for user growth and warned that capital expenditures will significantly rise in 2025.
Big tech earnings so far this week have been a mixed bag. While Alphabet shares rose nearly 3% on Wednesday after the company reported
strong revenue growth, chipmaker AMD fell more than 10% as investors were disappointed by the company’s guidance for the fourth quarter.
Tech earnings continue on Thursday with results from megacap stocks Apple and Amazon due after the bell.
Thursday is the final trading day of what has been a choppy month for the market amid heightened uncertainty ahead of the U.S. Presidential election on Tuesday. The 30-stock Dow is down 1.1% for the month. The broad market index is lower by 0.8% in October, while
the NASDAQ has declined 0.4%.
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 recovered strength, lowering yields back to Wednesday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.92 to $70.53 U.S. a barrel.
Prices for gold cratered $44.80 an ounce to $2.756 U.S.
S&P Tumbles for 2nd Day, Dragged by META, Microsoft