Tech Giants Alphabet and Microsoft Drive Stock Market Tumble
TL;DR
The Nasdaq and S&P 500 declined as Alphabet's cloud division missed revenue estimates, causing the tech giant's stock to slump. In contrast, Microsoft saw post-earnings gains and rose to a three-month high after exceeding expectations in all segments, including its cloud business. Concerns arose that Alphabet is losing ground to Microsoft and Amazon in the growing sector of generative artificial intelligence. Long-dated U.S. Treasury yields also weighed on mega-cap stocks, with Meta Platforms, Apple, and Amazon.com experiencing dips. Despite cutting its 737 delivery forecast, Boeing advanced on sticking to its cash flow goals and beating revenue estimates.
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