© Anthony Behar/Sipa USA via Reuters Connect
The NASDAQ index experienced its second largest drop this year on Wednesday, falling by 2.43%. This decline was only surpassed by a 2.50% plunge that occurred on February 21. The downturn was felt across other indices as well, with the Dow industrial average and the S&P index recording losses of 0.32% and 1.43% respectively.
Despite the general market downturn, Microsoft (NASDAQ:)’s shares swam against the current, registering a near 3% rise following a successful earnings report. In stark contrast, Alphabet (NASDAQ:)’s shares plummeted by 9.50% due to disappointing cloud revenues. This marked their worst performance since March 2020.
After trading hours on Wednesday, shares of Meta (NASDAQ:) took a significant hit, dropping by $-13.01 or -4.16%, closing at $299.54. This occurred despite expectations that the company would announce an EPS of $3.63 and revenues of $33.56 billion. The substantial drop in Meta’s shares further compounded the day’s gloomy outlook for tech stocks on the NASDAQ index.
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