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Tech Stocks Slide On Earnings, US Economy Flexes Muscles, Small-Cap Rally Continues: This Week In The Markets
The tech earnings season started with disappointments for investors as shares of the Magnificent Seven companies all declined during the trading week.
Alphabet Inc. (NASDAQ:GOOGL) reported stronger-than-expected earnings and revenue, but missed analysts’ targets on YouTube advertising revenue, leading to the worst week of the year for the Google parent company's stock.
Tesla Inc. (NASDAQ:TSLA) missed quarterly earnings forecasts due to thinner profit margins impacted by lower vehicle prices and restructuring charges. The electric-vehicle giant also postponed the announcement of the Robotaxi to October. Shares fell 12.3% in reaction to the earnings report on Wednesday, marking the worst one-day performance since September 2020.
The tech-heavy Nasdaq 100 index notched the second-straight week in the red for the first time since April.
Among mega-cap stocks, Ford Motor Company (NYSE: