Closing Bell Movers: Tesla, Alphabet slides after earnings
Despite the third consecutive session of gains by Semiconductors, Nasdaq Composite was the worst performing major index, ending the day near session lows below the 25,700 level. Losses among key software names as well as new low in SpaceX (SPCX), down another 7%, weighed on the tech-heavy index. In the benchmark S&P 500 Utilities was the best performing sector, followed closely by Basic Materials which benefited from a bounce in precious metal space. Communication Services was the worst performing sector as Google fell 1.5% and Meta declined nearly 3%. In the opening hour of the evening session, equity futures remain on the back foot as S&P 500 e-minis falls 0.3% and Nasdaq 100 contract is down by 0.5%. Sentiment is pressured by earnings reports from Tesla (TSLA), which fell over 4% on Q2 earnings miss and reiterated expectations of climbing capital expenditures, as well as Alphabet (GOOGL), down 3% - where selling was similarly driven by higher capex forecasts. Also reporting results was IBM, though despite the cut in its revenue growth guidance, the stock is flat, having found support after the pre-announcement earlier this month that yielded a 25% selloff. In commodities, WTI.
Despite the third consecutive session of gains by Semiconductors, Nasdaq Composite was the worst performing major index, ending the day near session lows below the 25,700 level.
Losses among key software names as well as new low in SpaceX (SPCX), down another 7%, weighed on the tech-heavy index.
In the benchmark S&P 500 Utilities was the best performing sector, followed closely by Basic Materials which benefited from a bounce in precious metal space.
Communication Services was the worst performing sector as Google fell 1.5% and Meta declined nearly 3%.
In the opening hour of the evening session, equity futures remain on the back foot as S&P 500 e-minis falls 0.3% and Nasdaq 100 contract is down by 0.5%.
Sentiment is pressured by earnings reports from Tesla (TSLA), which fell over 4% on Q2 earnings miss and reiterated expectations of climbing capital expenditures, as well as Alphabet (GOOGL), down 3% - where selling was similarly driven by higher capex forecasts.
Also reporting results was IBM, though despite the cut in its revenue growth guidance, the stock is flat, having found support after the pre-announcement earlier this month that yielded a 25% selloff.
In commodities, WTI.