Wall Street slumps due to tech wreck, Meta jumps on an earnings beat
Wall Street slumped, with Nasdaq down more than 2% as risk-off again dominated the broad market’s movements, pressuring equities, particularly in growth stocks. The US bond yields spiked, lifting the US dollar, and sending commodity currencies down in particular. Gold, crude oil, and Bitcoin continued to rise as being seen as haven assets that hold value in uncertain times amid the Hamas-Israel war.
On the earnings front, Alphabet plummeted nearly 10%, the worst single-day performance since March 2020. Its Google Cloud revenue missed expectations. Microsoft was the only mega-cap company that finished higher due to an earning beat. Meta Platforms’ shares rose 2% in the after-hours trading after reporting the third-quarter earnings, topping both top and bottom lines, with revenue up 23%. Amazon is set to report earnings after the US markets close tomorrow.
Asian markets are set to open mixed. ASX 200 futures were down 0.37%, Hang Seng Index futures were up 0.34%, and Nikkei 200 futures fell 1.02%.