FMC plunges 33% on lower quarterly profits projection
Uber declines after directing Q1 bookings listed below price quotes
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Indexes: Dow up 0.15%, 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 biggest drag after the tech giant's ugly cloud revenue and substantial financial investments into synthetic intelligence dissatisfied investors, while a variety of incomes contributed to the volatility.
Google-parent Alphabet dropped 8.2% after posting downbeat cloud earnings growth and earmarking a higher-than-expected $75 billion for its AI buildout this year.
"The market has some evidence to suggest that there are other business that perhaps doing it cheaper, better, quicker, quicker," said Dave Grecsek, handling director in planning technique and research at Aspiriant.
"So what is the knowledge of continuing to maintain high capex?"
AI-related stocks were rocked last week following the soaring appeal of a low-cost Chinese expert system design established by start-up
DeepSeek
. Nvidia, one of the business that was the worst hit, was up 3.8% on the day.
Advanced Micro Devices, on the other hand, lost 8.9% after CEO Lisa Su said the business's current-quarter information center sales - a proxy for its AI profits - would fall about 7% from the previous quarter.
On the information front, disgaeawiki.info U.S. services sector suddenly slowed in January amidst cooling demand, assisting curb price development, a reading from the Institute for Supply Management revealed.
Private payrolls rose by 183,000 tasks last month, compared with an estimated 150,000 boost, per economists surveyed by Reuters. The all-important January nonfarm payrolls report is expected to be launched on Friday.
Shares of Apple reduced 1.2% as Bloomberg News reported that China's antitrust regulator was preparing for a possible investigation of the iPhone maker.
At 11:33 a.m. ET, coastalplainplants.org the Dow Jones Industrial Average rose 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 0.08%, thatswhathappened.wiki 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 business forecast current-quarter bookings below estimates.
Fiserv advanced 7.1% as the payments firm beat estimates for fourth-quarter profit, akropolistravel.com helped by strong need in its banking and payments processing unit.
Markets likewise searched for developments on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no rush to speak with Chinese President Xi Jinping to attempt to defuse a brand-new trade war in between the nations.
Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, but flagged uncertainty around the effect of brand-new tariffs, migration, guidelines and other Trump administration initiatives.
Among leading movers, FMC Corp plunged 33.6% after the agrichemicals manufacturer forecast first-quarter earnings listed below price quotes.
Johnson Controls jumped 11.1% as the building solutions business called Joakim Weidemanis as ceo and raised its 2025 earnings projection.
Advancing issues 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 brand-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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