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Stocks Tumble, Nasdaq 100 Selloffs As Tech Giants Disappoint, Crypto Companies Plummet: What's Driving Markets Thursday?

Benzinga LogoBenzinga10h ago

Stocks Tumble, Nasdaq 100 Selloffs As Tech Giants Disappoint, Crypto Companies Plummet: What's Driving Markets Thursday? - Benzinga

Quick Summary:

Although the company surpassed earnings estimates, it forecasted slower growth in its Azure cloud business, dampening future revenue expectations.Meta Platforms Inc.(NASDAQ:META) also declined by over 4% despite a strong quarterly performance, as the social media giant projected “significant” capital expenditure growth next year, particularly for AI infrastructure.

Risk aversion swept across markets on Thursday as investor disappointment over third-quarter tech earnings triggered the steepest drop in major U.S.indices in nearly two months.Microsoft Corp.(NYSE:MSFT) plummeted over 5% by midday trading in New York, on track for its worst session in two years.

The elite “Magnificent Seven” tech group shed nearly $500 billion in market capitalization within a single day after reaching a record high of $16.8 trillion.Apple Inc.(NASDAQ:AAPL) and Amazon.com Inc.(NASDAQ:AMZN) are set to report earnings after the market close.


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Article Details

Author / Journalist: Piero Cingari

Category: Technology

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-31 @ 17:19:49 (10 hours ago)

News Timezone: GMT +8:00

News Source URL: benzinga.com

Language: English

Article Length: 418 words

Reading Time: 3 minutes read

Sentences: 21 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Benzinga

News ID: 23352399

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About Benzinga

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Main Topics: Technology

Official Website: benzinga.com

Update Frequency: 28 posts per day

Year Established: 2010

Headquarters: United States

News Last Updated: 8 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #53

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