US stocks fell Thursday, with the tech-heavy Nasdaq leading losses, shedding roughly 0.7%. Microsoft’s slide deepened with shares falling over 10% after its earnings report spooked investors. Meta’s earnings performance saw shares gain over 10% thanks to a strong revenue outlook and plans to spend up to $135 billion on AI build-out this year.

Tesla flipped to a loss, shedding over 3%, focusing on a strategy shift from EVs to robots. The company saw a quarterly earnings beat but also its first-ever decline in annual revenue. Apple’s quarterly earnings, due after the closing bell, will be closely watched as investors gear up.

The escalation in US-Iran tensions, stoked by President Trump’s warning to Iran, led to crude oil futures climbing to a four-month high. The market is digesting the Federal Reserve’s decision to keep interest rates unchanged and is now waiting for Trump’s announcement of the next Fed chair.

Gold and silver held steady after backing off record highs, with gold near $5,300 per ounce and silver north of $114. The metals saw a decline amid a tech sell-off, with the Nasdaq Composite dropping 2%. Copper prices surged to over $13,000 per ton, but analysts warn of overheating.

Caterpillar stock rose after a strong earnings report, boosted by sales of power equipment to AI data center developers. Comcast reported a loss in broadband customers, while Las Vegas Sands stock fell. SAP shares plunged after cloud backlog and guidance disappointed investors.

Read more at Yahoo Finance: S&P 500, Nasdaq fall as Microsoft leads tech lower with Apple earnings on deck