Major US stock indexes experienced a second day of declines, with the S&P 500 leading the way down due to slumps in Microsoft and Meta. The Nasdaq also took a hit as investors reacted negatively to earnings reports from big tech companies. The Dow Jones Industrial Average was not spared either, as stocks tumbled amidst the weight of disappointing earnings reports from Meta, Microsoft, and Nvidia.
Futures were down ahead of the release of inflation data, indicating potential challenges for the market in the near future. The S&P 500 erased gains made in October, reflecting the impact of the tech sector’s struggles. The Dow and Nasdaq both fell as Meta and Microsoft saw significant sell-offs.
Overall, the market was affected by a tech stock selloff, with the Dow dropping 250 points and the Nasdaq sinking 340 points. The Nasdaq led the declines in the S&P 500 and Dow, as hopes for strong earnings from big tech companies were dashed. In the end, the Nasdaq dropped by 2%, while the S&P and Dow also experienced losses following the disappointing results from Meta and Microsoft.