Wall Street stocks were mostly lower early Wednesday following disappointing results from tech titans Microsoft and Google parent Alphabet.
Shares of Microsoft and Alphabet both dropped around eight percent after Microsoft offered a lackluster forecast, while Alphabet was hurt by a pullback in online advertising.
The poor market reaction to the results weighed especially on the tech-rich Nasdaq Composite Index, which was down 1.6 percent at 11,015.25 near 1400 GMT.
The Dow Jones Industrial Average added 0.1 percent at 31,858.50, while the broad-based S&P 500 shed 0.7 percent to 3,833.03.
Stocks have risen with the pullback in the yield on the 10-year US Treasury note as investors anticipate a pivot away from the Federal Reserve’s aggressive response to inflation.
After the market strength of recent sessions, “participants will be paying close attention to how the market responds to the opening selling pressure,” said Briefing.com analyst Patrick O’Hare.
“Will it give way to more pronounced selling activity or will it give way to buy-the-dip efforts?”
