The worst day for Microsoft in nearly five years is pulling the U.S. stock market away from its record heights The S&P 500 fell 1% Thursday after flirting earlier in the morning with its all-time high. The Dow Jones Industrial Average dropped 174 points, and the Nasdaq composite sank 1.8%. Micros.
— The worst day for Microsoft in years is pulling the U.S. stock market away from its record heights on Thursday. Gold’s price, meanwhile, keeps ripping to more records in its astounding run as investors look for safer places to park their money.
The S&P 500 sank 1% after flirting earlier in the morning with its all-time high. The Dow Jones Industrial Average was down 174 points, or 0.4%, as of 10:30 a.m. Eastern time, and the Nasdaq composite was 1.8% lower.
Other WRAL Top Stories
Microsoft was the heaviest weight on the market by far, and it sank 11.5% even though the tech giant reported stronger profit and revenue for the latest quarter than analysts expected. Investors honed in instead on how much Microsoft is spending on investments, whether growth in its Azure cloud business will slow and how long its push into artificial-intelligence will take to turn into big profits.
Its stock is on track for its worst day since the stock market’s COVID crash in 2020.
Tesla also weighed on the market after falling 2.1%. It delivered a bigger profit for the latest quarter than analysts expected, but the results were sharply lower than from a year earlier.
