FMC plunges 33% on lower quarterly revenue forecast
Uber decreases after directing Q1 bookings listed below quotes
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Indexes: Dow up 0.15%, links.gtanet.com.br S&P 500 down 0.08%, Nasdaq down 0.34%
(Updates with afternoon rates)
By Shashwat Chauhan and Sukriti Gupta
Feb 5 (Reuters) -
The S&P 500 and the Nasdaq slipped on Wednesday, with Alphabet the greatest drag after the tech giant's dour cloud revenue and substantial financial investments into artificial intelligence dissatisfied investors, while a multitude of earnings contributed to the volatility.
Google-parent Alphabet dropped 8.2% after posting downbeat cloud profits growth and earmarking a higher-than-expected $75 billion for its AI buildout this year.
"The market has some evidence to recommend that there are other business that perhaps doing it more affordable, better, much faster, quicker," said Dave Grecsek, managing director in planning method and research study at Aspiriant.
"So what is the knowledge of continuing to maintain high capex?"
AI-related stocks were rocked recently following the soaring popularity of an inexpensive Chinese expert system model established by start-up
DeepSeek
. Nvidia, one of the companies that was the worst hit, oke.zone was up 3.8% on the day.
Advanced Micro Devices, wiki.rolandradio.net on the other hand, lost 8.9% after CEO Lisa Su said the company's current-quarter data center sales - a proxy for its AI profits - would fall about 7% from the previous quarter.
On the information front, U.S. services sector activity suddenly slowed in January in the middle of cooling need, helping curb price growth, oke.zone a reading from the Institute for Supply Management showed.
increased by 183,000 jobs last month, compared with an estimated 150,000 increase, videochatforum.ro per economic experts surveyed by Reuters. The critical January nonfarm payrolls report is expected to be launched on Friday.
Shares of Apple alleviated 1.2% as Bloomberg News reported that China's antitrust regulator was getting ready for a possible examination of the iPhone maker.
At 11:33 a.m. ET, the Dow Jones Industrial Average increased 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 0.08%, to 6,033.51 and the Nasdaq Composite lost 70.17 points, or 0.34%, to 19,586.61.
Eight of the 11 S&P 500 sectors traded higher, though communication services' over 3% fall obscured gains.
Uber Technologies dropped 7.2% after the ride-hailing company anticipated current-quarter reservations below quotes.
Fiserv advanced 7.1% as the payments firm beat price quotes for fourth-quarter profit, assisted by strong demand in its banking and payments processing system.
Markets likewise looked for developments on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no rush to talk to Chinese President Xi Jinping to attempt to pacify a new trade war in between the countries.
Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, chessdatabase.science however flagged uncertainty around the impact of new tariffs, migration, regulations and other Trump administration initiatives.
Among top movers, FMC Corp plunged 33.6% after the agrichemicals manufacturer forecast first-quarter income listed below price quotes.
Johnson Controls jumped 11.1% as the structure solutions company named Joakim Weidemanis as president and raised its 2025 revenue forecast.
Advancing concerns surpassed decliners by a 2.03-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.
The S&P 500 posted 27 new 52-week highs and 12 brand-new lows, while the Nasdaq Composite recorded 81 new highs and 69 new lows.
(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru
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US STOCKS S & P 500, Nasdaq Fall As Earnings Season Gathers Speed
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