US stocks fall due to disappointing earnings from tech giants Meta and Microsoft, along with inflation data

From Investing.com: 2024-10-31 09:52:14

U.S. stocks fell on Thursday due to disappointing earnings from tech giants Meta and Microsoft, as well as inflation data. The Dow was down 0.6%, the S&P 500 fell 1.1%, and the Nasdaq dropped 1.8%. Both Meta and Microsoft forecast increased expenses on artificial intelligence, impacting their stock prices. The earnings reports from these companies provided mixed signals to investors about the impact of AI on future earnings. Other companies, such as Alphabet, reported positive earnings, while chip stocks like AMD and Qorvo weighed on sentiment.

The earnings season continued with mixed results. eBay, Robinhood, Uber, and Estee Lauder all reported earnings that impacted their stock prices. The Federal Reserve is set to meet next week to discuss policy decisions as inflation data showed a slight slowdown in a key metric. Unemployment benefits also saw a decrease, providing further context for the Fed’s decision-making process. Oil prices rose after US inventories showed unexpected draws, indicating strong demand in the market.



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