Tech Stocks Take a Hit as Alphabet's Earnings Report Causes S&P 500 Fluctuations

The S&P 500 fell 1.4% as tech stocks tumbled following Alphabet's disappointing earnings report and rising interest rates. Alphabet's cloud revenue missed expectations, causing shares to plummet over 9%. Microsoft, on the other hand, saw success in its cloud and AI performance, leading to a rise in its stock. The Nasdaq also dropped 2.4%, reaching its lowest level in eight months. Other notable movements include Amazon's shares falling ahead of its quarterly results, Thermo Fisher Scientific reporting below-estimated sales, CoStar Group slashing its revenue outlook, Waste Management exceeding profit estimates, General Dynamics posting better-than-expected results, and Robert Half's profit surpassing expectations.