Markets

Stocksak: Nasdaq futures fall by 1% as tech earnings trigger slowdown fears


© Stocksak. FILE PHOTO – A Wall Street sign at the New York Stock Exchange, New York City, New York, U.S.A, October 2, 2020. REUTERS/Carlo Allegri//File Photo/File Photo/File Photo/File Photo

(Stocksak – The Nasdaq futures plunged more than 1% Wednesday after disappointing results by Alphabet (NASDAQ) and Microsoft. This triggered losses in other megacap companies, and raised concerns about slowing economic growth.

Microsoft Corp (NASDAQ:) saw its lowest sales growth in five-years and projected second-quarter revenue below Wall Street estimates. Meanwhile, Alphabet, Google’s parent company, posted disappointing ad sales and warned of a slowdown.

The shares of these companies fell 5.7% and 6.0% in premarket trading, respectively. Meanwhile, the shares of Amazon.com (NASDAQ;) and Apple(NASDAQ:), which are due to report results this week., dropped 3.7% and 0.6%.

The results are disappointing Snap Inc (NYSE: )’s last week warning on slowing advertising demand and a string if mixed earnings reports have fed into concerns that decades-high inflation, and aggressive interest rate increases to curb it, are taking a toll.

Wall Street’s three main indices posted gains for the last three days, fuelled by hope that the Federal Reserve will soon slow down its monetary tightening.

At 4:13 AM. ET were down 13 points or 0.04%. They were down 24.25 point, or 0.633%, and down 169 points, which is 1.44%.

News Source and Credit

Stocksak Editorial

We are a financial blog that covers topics such as investing, saving, spending, and earning more money. Please feel free to peruse our site and read any of the articles that catch your interest.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button