#Microsoft #Meta #Platforms #Carvana
Key takeaways
- US stocks fell midday Thursday after earnings reports from Microsoft and Meta Platforms disappointed investors, sending technology stocks tumbling.
- Budweiser owner AB InBev announced a surprise drop in beer volumes.
- Comcast said it is considering selling its cable networks.
US stocks fell midday Thursday, as disappointing results from Microsoft (MSFT) and Meta Platforms (META) sent technology stocks lower. The Nasdaq lost 2.5%, the S&P 500 fell 1.6%, and the Dow Jones Industrial Average fell nearly 1%.
EBay ( EBAY ) shares fell after the online marketplace gave a weak outlook for the key holiday shopping period.
Estee Lauder (EL) shares fell when the luxury beauty products maker warned of weakness in China and Asia’s travel markets and withdrew its full-year guidance.
AB InBev’s (BUD) American depositary receipts (ADRs) fell as the world’s largest brewer posted a surprise drop in beer volumes and missed sales estimates.
Shares of Carvana (CVNA) rose when the online auto retailer blew out earnings and sales estimates and raised its forecasts, signaling increased demand for used cars.
Shares of Paycom Software (PAYC) rose after the workforce management solutions provider reported better-than-expected results and boosted its guidance as an increase in business hiring fueled demand for its services.
Comcast (CMCSA) shares rose when the company said it was considering selling its cable networks.
Oil futures rose. Gold prices fell. The yield on the 10-year Treasury note was little changed. The US dollar rose against the pound, lost ground against the yen, and was little changed against the euro. Most major cryptocurrencies were trading lower.
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#Microsoft #Meta #Platforms #Carvana
