The stock market took a sharp downturn on Thursday, primarily driven by the tech sector.
Both Microsoft and Meta saw their stocks plummet due to renewed worries about AI investment.
While jobless claims decreased more than anticipated, the Fed’s preferred inflation measure inched closer to 2%.
US stocks experienced significant declines on Thursday, particularly with the Nasdaq dropping nearly 3% as Meta and Microsoft faced substantial losses.
The decline in tech stocks was triggered by earnings reports from major companies that surpassed expectations but failed to impress investors in certain areas, raising concerns about heavy AI investments.
The S & P 500 fell by almost 2%, while the Dow Jones Industrial Average dropped over370 points. p > < pclass = " y f - l pe s j g t "> Here is where US indexes stood at the closing bell on Thursday at4:00 pm: p > < pclass = " y f - l pe s j g t "> Much of the disappointment stemmed from guidance provided by tech giants. p > Microsoft projected revenue forthe current quarter to be between $68.1 billion and $69.1 billion, falling short ofanalysts’ expectations…
2024-10-31 23:16:03
Link fromfinance.yahoo.com