FMC plunges 33% on lower quarterly revenue forecast
Uber decreases after directing Q1 reservations below estimates
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Indexes: Dow up 0.15%, S&P 500 down 0.08%, Nasdaq down 0.34%
(Updates with afternoon prices)
By Shashwat Chauhan and Sukriti Gupta
Feb 5 (Reuters) -
The S&P 500 and setiathome.berkeley.edu the Nasdaq slipped on Wednesday, with Alphabet the most significant drag after the tech giant's dour cloud earnings and large investments into artificial intelligence dissatisfied investors, while a slew of profits included to the volatility.
Google-parent Alphabet dropped 8.2% after posting downbeat cloud earnings growth and allocating a higher-than-expected $75 billion for its AI buildout this year.
"The marketplace has some evidence to recommend that there are other companies that possibly doing it cheaper, 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 last week following the skyrocketing popularity of an inexpensive Chinese expert system design developed by startup
DeepSeek
. Nvidia, among the companies 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 company's current-quarter data center sales - a proxy for its AI income - 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 demand, assisting curb price development, a reading from the Institute for Supply Management revealed.
Private payrolls rose by 183,000 jobs last month, compared to an estimated 150,000 boost, per economists surveyed by Reuters. The necessary January nonfarm payrolls report is anticipated to be released on Friday.
Shares of Apple relieved 1.2% as Bloomberg News reported that China's antitrust regulator was getting ready for a possible investigation 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 interaction services' over 3% fall obscured gains.
Uber Technologies dropped 7.2% after the ride-hailing company anticipated current-quarter bookings below estimates.
7.1% as the payments company beat estimates for fourth-quarter revenue, assisted by strong need in its banking and payments processing unit.
Markets also tried to find advancements 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 pacify a brand-new trade war 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 impact of new tariffs, immigration, policies and other Trump administration efforts.
Among top movers, FMC Corp plunged 33.6% after the agrichemicals producer forecast first-quarter profits listed below quotes.
Johnson Controls leapt 11.1% as the building solutions company named Joakim Weidemanis as ceo and raised its 2025 revenue projection.
Advancing problems 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 published 27 brand-new 52-week highs and 12 brand-new lows, while the Nasdaq Composite recorded 81 new highs and 69 brand-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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