Microsoft, Meta and the burden of expectations knock Wall Street sharply lower
NEW YORK (AP) - Drops in big tech companies including Microsoft and Facebook's parent company Meta Platforms led Wall Street lower. The S&P 500 fell 1.9% Thursday, its worst day in eight weeks. The Dow Jones Industrial Average dropped 0.9%, and the Nasdaq composite tumbled 2.8%.
Both Microsoft and Meta delivered better profit than forecast for the latest quarter, but investors were expecting even more from them. Other influential Big Tech stocks also fell and were among the market's heaviest weights, including Nvidia, Amazon and Apple. Treasury yields wavered in the bond market following some mixed reports on the economy.
THIS IS A BREAKING NEWS UPDATE. AP's earlier story follows below.
NEW YORK (AP) - Wall Street is feeling the downside of high expectations on Thursday, as Microsoft and Meta Platforms drag U.S. stock indexes lower despite delivering strong profits for the summer.