Microsoft yanks Wall Street lower as gold's price suddenly snaps back [View all]
Source: AP
The worst day for Microsoft in years is yanking the U.S. stock market away from its record heights on Thursday. The fever in the gold and metals markets may be breaking, meanwhile, after prices suddenly snapped back following their jaw-dropping runs.
The S&P 500 sank 1% after flirting with its all-time high earlier in the morning. The Dow Jones Industrial Average was down 113 points, or 0.2%, as of noon Eastern time, and the Nasdaq composite was 1.9% lower.
Microsoft was the heaviest weight on the market by far, and it tumbled 12% 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 technology will take to turn into big profits.
Its stock is on track for its worst day since the market’s COVID crash in 2020, and it was alone responsible for more than two-thirds of the S&P 500’s drop.
Read more: https://apnews.com/article/stock-markets-dollar-gold-fed-2a3715ff96ba5c10b97c49e04ad9f8ec
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