U.S. Stocks Post a Third Straight Weekly Loss as Alphabet Sheds About $500 Billion in a Day
U.S. stocks ended last week lower: the S&P 500 fell 0.57 percent, the Dow Jones Industrial Average 0.85 percent and the Nasdaq Composite 2.00 percent, a third consecutive weekly loss for all three indexes, while the small-cap Russell 2000 bucked the trend with a 1.30 percent gain. Friday's selloff was the week's worst session, with the S&P 500 down 1.82 percent, its worst day since June, and the Nasdaq down 2.86 percent, its steepest drop since June 5, closing near a three-month low. The Magnificent Seven fell 3.2 percent for the week, though nine of the S&P 500's eleven sectors gained, underscoring how concentrated the selling was in technology.
Big Tech earnings set the tone. Alphabet plunged 12.6 percent on Thursday, its largest one-day decline since its 2004 listing, losing roughly $500 billion in market value after search revenue disappointed, management acknowledged that queries in its super intelligence (SI) mode earn less from advertising, and quarterly capital expenditures reached $51.4 billion with negative free cash flow. Microsoft was the relative winner, with Azure revenue up 48 percent. Amazon missed estimates on both revenue and earnings, reported third-quarter capital spending of $77.3 billion and maintained a full-year capital expenditure plan of about $220 billion.
Intel delivered the week's most dramatic reaction, plunging 28.6 percent on Friday, its worst day since 1974, after guiding fourth-quarter revenue to $15 billion to $16 billion, below expectations of about $17 billion, citing a prolonged slump in personal computer demand.
(Source: The Vito)
Source: The Vito
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Photo: 图：纽约证券交易所与华尔街。Arild Vågen 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / Photo: The New York Stock Exchange on Wall Street. By Arild Vågen, CC BY-SA 4.0, via Wikimedia Commons.
