US Stocks Retreat As Mixed Earnings Add To Angst

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2023-01-25 HKT 23:49

Share this story

facebook

  • Microsoft has offered a disappointing outlook on its Azure cloud computing business. Photo: AP

    Microsoft has offered a disappointing outlook on its Azure cloud computing business. Photo: AP

Wall Street stocks fell early on Wednesday as another round of lacklustre quarterly earnings added to investor caution after a strong start to 2023.

Aviation giant Boeing reported a quarterly loss on revenues that missed analyst estimates while in tech, Microsoft offered a disappointing outlook on its Azure cloud computing business.

Microsoft's Azure forecast "laid bare an understanding that growth is slowing and that business conditions have gotten more challenging," said Briefing.com analyst Patrick O'Hare.

"Investors are grappling with valuation concerns and the notion that the market might have gotten ahead of itself with the January rally effort," he added.

About 15 minutes into trading, the Dow Jones was down 0.7 percent at 33,511.

The S&P 500 shed 1.0 percent to 3,975, while the Nasdaq dropped 1.6 percent to 11,156.

Wednesday's early losses comes on the heels of a mixed session on Tuesday as investors digested an uneven set of results from American corporate giants including Verizon and 3M. (AFP)

RECENT NEWS

US Stocks Rise On Hopes Of Pause In Rate Increases

Wall Street stocks finished solidly higher on Thursday, reflecting better sentiment on the US economy and a consensus vi... Read more

China's Financial Risks 'controllable': Regulators

The head of the National Financial Regulatory Administration on Thursday told a high-profile forum in Shanghai that the ... Read more

Banks Cut Yuan Deposit Rates, Could Boost Consumption

China's biggest banks on Thursday said they have lowered interest rates on yuan deposits, in actions that could ease pre... Read more

Cheese And Wine Put EU, Australia Deal In Peril

Australia on Thursday threatened to walk away from a blockbuster free trade deal with the European Union unless its prod... Read more

US Stocks End Mixed As Tech Shares Are Sold Off

Gains by industrial companies lifted the Dow on Wednesday, while weakness among technology shares pushed the Nasdaq deci... Read more

Amazon 'plans Prime Video Streaming Service With Ads'

Amazon.com is planning to launch an advertising-supported tier of its Prime Video streaming service, the Wall Street Jou... Read more