QQQ - US Stocks Sink On Tech-Led Selloff Treasury Yields Surge Again: What's Driving Markets Wednesday? | Benzinga
It’s a day of risk aversion on Wall Street as investors are shedding both stocks and bonds in favor of cash while digesting the latest corporate earnings reports.
As of midday trading in New York, all major U.S. stock indices were in negative territory, primarily due to a slump in the tech sector that had a broad impact on the market’s performance.
Despite reporting better-than-expected results, Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) faced challenges in its Cloud revenue growth, resulting in a significant 9% daily decline in its stock price — the most substantial daily drop in a year.
Meta Platforms, Inc. (NASDAQ:META) saw a nearly 3.2% decline ahead of its quarterly earnings release scheduled after the market closes. Conversely, Microsoft Corp. (NASDAQ:MSFT) ‘s shares surged by 3.9% following stronger-than-predicted quarterly results.
Equity investor sentiment remained depressed as both oil prices and Treasury yields experienced increases. Market participants are anxiously awaiting the release of key GDP growth data scheduled for Thursday, which is expected to show a robust 4.3% increase.
Cues From Thursday's Trading:
The S&P 500 fell 1.2%, falling below the 4,200 support and extending the decline since July’s peak to 9%.
The Nasdaq 100 sharply underperformed, down 2%. Blue chips managed to contain losses, while small caps suffered a 1.4% drop.
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