Published 4 hours ago • loading... • Updated 27 minutes ago

A Potentially Historic Drop for Alphabet's Stock Drags the US Market Lower

The Dow Jones Industrial Average and Nasdaq Composite opened lower on Thursday, Oct 29, as Alphabet results rekindled investor worries about soaring AI-related costs. The Nasdaq Composite dropped 1.31%, while the Dow fell 0.74%.
Following the Federal Reserve's Wednesday decision to hold interest rates unchanged, investors assessed fresh Personal Consumption Expenditures Price data. The Fed delayed any borrowing cost changes until after next week's midterm elections.
Alphabet shares slid 13% as AI-related spending accelerated, while Caterpillar weighed on the Dow with an 8.0 per cent decline. ServiceNow dropped 23.3 per cent and Fortinet slipped 21.7 per cent after reporting third-quarter results.
Tech-Heavy indices suffered as the Nasdaq Composite shed 1.31% to 26,201.823, while the US500 fell 0.57% to 7,699.61. The Philadelphia Semiconductor index dropped 1.8 per cent after gaining for four straight sessions.
Angelo Kourkafas, senior global investment strategist at Edward Jones, said resilient economic growth and inflation "reinforce the expectation that October was a skip rather than a hold for the Fed." Traders expect a rate hike in December.

Insights by Ground AI

59 Articles

Alphabet sheds record $500B in market value as AI fears hit fever pitch

Alphabet shed $500 billion in market cap as the stock plunged more than 11% – on track for its worst loss ever as AI chatbots eat into Google’s Search business.

27 minutes ago·New York, United States

Read Full Article

SANA

Left

America's Stock Decline Is Affected by the High Cost of Artificial Intelligence.

The key indicators on Wall Street declined at the opening of the trades today Thursday, amid renewed concerns about the sharp rise in investment costs in artificial intelligence.

38 minutes ago·Syrian Arab Republic (the)

Read Full Article

Newser

Lean Left

Alphabet Is Having a Very Rough Day on Wall Street

A potentially historic drop for Alphabet's stock is dragging the US market lower Thursday after the company behind Google and YouTube reported wearer growth for the summer than analytics expected. Alphabet is one of the most influential stocks on Wall Street because it's one of the larget, and its 12%...

45 minutes ago·Miami, United States

Read Full Article

RTTNews

Center

Nasdaq Posting Steep Loss As Alphabet Plunges

After coming under pressure early in the session, stocks have regained some ground over the course of the trading day on Thursday. The major averages have climbed off their worst levels of the day but currently remain in negative territory.

1 hour ago

Read Full Article

Financial Post

Lean Right

Alphabet erases a record US$500 billion as AI eats into sales

The Google parent's shares fell more than 13 per cent, for its biggest-ever market value wipeout. Find out more

1 hour ago·Toronto, Canada

Read Full Article

Hindustan Times

Center

Alphabet stock plunges 13% after earnings, wiping out nearly $500 billion in market value

Alphabet stock fell 13% after earnings, putting nearly $500B in market value at risk as weak Google Search revenue and rising AI spending worried investors.

1 hour ago·New Delhi, India

Read Full Article

Think freely.Subscribe and get full access to Ground NewsSubscriptions start at $9.99/year