From Nasdaq:

The Nasdaq tumbled to a new low as Alphabet’s bleak AI cost predictions hit megacap and chip stocks. Microsoft also dropped 1.3% due to higher costs for new AI features. Stock indexes show the Dow at 0.06% up, the S&P at 0.84% down, and the Nasdaq at 1.46% down as of 11:36 a.m. ET.

The planemaker Boeing also has deferred their 2024 outlook. Meanwhile, Fed is expected to hold the 2:00 p.m. ET rates steady. The latest ADP National Employment report showed private payrolls rose by 107,000 in January, which was lesser than the anticipated 145,000 increments.

New reports show private payrolls rose by 107,000 in January, far less than the estimated 145,000 increment. Dow is up 23.49 points, S&P down 41.34 points, and Nasdaq down 225.96 points. Declining issues surpassed advancers.

Microsoft and Alphabet upped their capital spending for generative AI. Ankika Biswas and Johann M Cherian contributed to this report in Bengaluru, with additional editing by Shinjini Ganguli. Views and opinions expressed in this article are those of the author.



Read more: Nasdaq sinks to 1-week low on Alphabet disappointment; Fed verdict in focus