The “techs” weigh on the Nasdaq and the S&P-500 at the open

PARIS, Oct 26 (Reuters) – The New York Stock Exchange opened in scattered order on Wednesday with the Nasdaq index down sharply after announcements deemed disappointing by Microsoft and Alphabet.

A few minutes after the opening, the Dow Jones index took 52.18 points, or 0.16%, to 31,888.92 points and the wider Standard & Poor’s 500 fell 0.68% to 3,832.89 points. .

The Nasdaq Composite lost 2%, or 224.349 points, to 10,974.767.

Microsoft slumps 7.78% after posting its worst quarterly sales growth in five years while Alphabet tumbles 8.20% after seeing its revenue hurt by lower ad revenue from its YouTube platform .

These disappointments highlight investors’ concerns about the consequences of inflation, the economic slowdown and the rise in interest rates on corporate performance.

Social media owners Meta and Pinterest, heavily reliant on advertising revenue, fell 4.17% and 3.14% respectively.

Against the trend, Visa, the biggest riser in the Dow Jones, gained 3.08% after publishing a quarterly profit above forecasts.

On the bond side, Treasury yields continue to fall on speculation that the pace of Federal Reserve rate hikes will slow from December.

*For values ​​to follow, click (Laetitia Volga, edited by Kate Entringer)

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