Stocks are off to a mixed start on Wall Street as big drops in several heavyweight technology stocks weighed on major indexes, offsetting gains elsewhere in the market.
The S&P 500 was little changed of 10:40 a.m. Eastern after shaking off an early decline. The tech-heavy Nasdaq slumped 0.5% and the Dow Jones Industrial Average rose 136 points, or 0.4%, to 31,959.
Technology stocks, with their huge valuations, can have a big effect on market indexes. The drop in big tech companies weighed down the S&P 500 even though 80% of the stocks were higher.
Google's parent company, Alphabet, slumped 7.2% after it reported disappointing third-quarter financial results as advertising sales weakened. Weak ad sales are threatening other tech and communications companies. Music streaming service Spotify fell 8% after it reported a bigger third-quarter loss than Wall Street expected.
The broader market was also dragged down by Microsoft's 7% slide after it reported disappointing growth for its cloud computing company, while profits fell along with PC sales. Chipmaker Texas Instruments fell 3.5% after giving investors a discouraging forecast for the current quarter.
Several other big tech companies are on deck to report earnings this week. Facebook's parent company, Meta, will report earnings later Wednesday, while Apple reports its results on Thursday.
Internet retail giant Amazon also reports its results on Thursday along with industrial bellwether Caterpillar and McDonald's.
Long-term Treasury yields continued to pull back from their multiyear highs. Gains in those rates have sent mortgage rates sharply higher this year.
The yield on the 10-year Treasury fell to 4.02% from 4.10% late Tuesday. The two-year yield fell to 4.40% from 4.48%.
Homebuilders gained ground following an encouraging report on sales of newly built homes. Lennar rose 1.4%.
Investors are mainly focused on earnings this week, but are waiting for several economic updates as they try to get a better picture of how inflation is impacting businesses, consumers and the Fed's plans for interest rate increases.
The government will release its first estimate on third-quarter gross domestic product report on Thursday. On Friday the government will release more data on personal income, consumption and spending.
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Joe McDonald and Matt Ott contributed to this report
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Marxist lawmaker Anura Kumara Dissanayake on Sunday claimed he had won Sri Lanka’s presidential election.
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The British Columbia election campaign is set to officially start today, with Lt.-Gov. Janet Austin issuing the writ for the Oct. 19 vote.
A man is facing numerous drug trafficking charges after Dufferin OPP seized a large assortment of drugs and weapons in Orangeville earlier this week.
Pasquale Monaco says he’s debating whether to keep renting out the two-bedroom basement apartment of the Montreal building he owns after it was flooded — again — in August, when the remnants of tropical storm Debby sent four feet of water rushing into the space.
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Donald Trump has long pledged to deport millions of people, but he's bringing more specifics to his current bid for the White House: invoking wartime powers, relying on like-minded governors and using the military.
An explosion in a coal mine in eastern Iran killed at least 33 workers and injured 17 others, officials said Sunday, marking one of the worst mining disasters in the country's history as others remained missing hours after the blast.
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Marxist lawmaker Anura Kumara Dissanayake on Sunday claimed he had won Sri Lanka’s presidential election.
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The owner of the shuttered Three Mile Island nuclear power plant said Friday that it plans to restart the reactor under a 20-year agreement that calls for tech giant Microsoft to buy the power to supply its data centers with carbon-free energy.
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'Saturday Night Live' will have a slew of famous faces to help kick off its historic 50th season when the show returns later this month.
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The maker of the popular party game Cards Against Humanity is accusing Elon Musk's SpaceX of trespassing on and damaging a plot of vacant land the company owns in Texas.
More than 2,200 zoo professionals from 23 different countries have gathered in Calgary for the annual Association of Zoos and Aquariums conference.
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The Winnipeg Blue Bombers have a nickname for the opposition’s end zone. They refer to it as the “chicken box.â€
Jonathan Aranda homered for the second consecutive game, helping Taj Bradley and the Tampa Bay Rays beat the Toronto Blue Jays 3-2 on Saturday.
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Volunteers and staff members gathered along Vancouver’s Stanley Park Seawall Saturday to pick up litter as part of International Coastal Cleanup Day.
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