{"id":36517,"date":"2023-10-26T23:23:40","date_gmt":"2023-10-26T23:23:40","guid":{"rendered":"https:\/\/prosfunds.com\/markets\/stocks\/u-s-stocks-are-mixed-with-weakness-in-tech-on-alphabets-cloud-revenue-miss\/"},"modified":"2023-10-26T23:23:43","modified_gmt":"2023-10-26T23:23:43","slug":"u-s-stocks-are-mixed-with-weakness-in-tech-on-alphabets-cloud-revenue-miss","status":"publish","type":"post","link":"https:\/\/prosfunds.com\/?p=36517","title":{"rendered":"U.S. stocks are mixed, with weakness in tech on Alphabet’s cloud revenue miss"},"content":{"rendered":"
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\u00a9 Reuters <\/span>
\n<\/i>\n<\/div>\n

Investing.com — U.S. stocks are mixed, with weakness in the tech sector after Alphabet (NASDAQ:) reported lower than expected revenue from its cloud business, while Microsoft beat expectations.<\/p>\n

At 11:47 ET (15:47 GMT), the was up 121 points or 0.4%, while the was down 0.8% and the\u00a0 was down 1.6%.<\/p>\n

The main indices on Wall Street closed higher Tuesday, as U.S. Treasury yields eased off their Monday highs, helping to reduce the pressure on the tech sector, in particular.\u00a0<\/p>\n

The tech-heavy Nasdaq rose 0.9%, while the broad-based S&P gained 0.7% and the blue chip Dow rose 0.6%.<\/p>\n

Microsoft, Alphabet earnings in focus<\/strong><\/h2>\n

Tech giants Microsoft (NASDAQ:) and Alphabet (NASDAQ:) started the ball rolling for the major tech sector, the group that has powered the majority of the S&P\u2019s 10% gains year-to-date, releasing their results after Tuesday\u2019s close,<\/p>\n

Alphabet’s cloud-based revenue fell short of analysts’ expectations, pushing its stock down more than 9%, while Microsoft shares rose more than 2.5% after its investment in artificial intelligence bolstered growth in its cloud business Azure.<\/p>\n

Meta Platforms (NASDAQ:) takes the spotlight after the close Wednesday, and analysts will be listening for updates on the Facebook and Instagram parent\u2019s efficiency efforts and advertising business.<\/p>\n

Boeing (NYSE:) shares rose 1% after the airplane maker cut its forecast for 737 Max deliveries this year as it beat revenue expectations for the recent quarter but had a wider loss per share than expected.<\/p>\n

Housing data leads economic data slate<\/strong><\/h2>\n

The economic data slate is largely empty Wednesday, with only September\u2019s and numbers due, providing insight into the country\u2019s housing market. Building permits fell 4.5% for the month. But new home sales were stronger than expected at 759,000.<\/p>\n

Tuesday saw the release of a surprisingly strong snapshot of U.S. business activity, ahead of this week’s reports on third quarter , due out on Thursday, and September inflation in the form of the .\u00a0<\/p>\n

The meets next week, and is widely expected to pause its interest rate hiking cycle while its members digest the strength of the economy.<\/p>\n

Oil slips on worries over European demand<\/strong><\/h2>\n

Crude prices edged lower Wednesday, trading near two-week lows as concerns about slowing European demand competed with worries of Middle East supply disruptions for attention.<\/p>\n

The prospect of a de-escalation in the Israel-Hamas war also stymied bets that the conflict will disrupt Middle Eastern oil supply, as multiple reports suggested that Israel had delayed a planned ground assault on Gaza.\u00a0<\/p>\n

This largely overshadowed positive economic news from the U.S., as well as data from the industry body showing that U.S. inventories shrank more than 2 million barrels last week, with fuel demand remaining strong even after the end of the summer season.<\/p>\n

The official data from the , the statistical arm of the U.S. Department of Energy, is due later in the session.<\/p>\n

(Oliver Gray contributed to this item.)<\/p>\n

\u00a0<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters Investing.com — U.S. stocks are mixed, with weakness in the tech sector after Alphabet (NASDAQ:) reported lower than expected revenue from its cloud business, while Microsoft beat expectations. At 11:47 ET (15:47 GMT), the was up 121 points or 0.4%, while the was down 0.8% and the\u00a0 was down 1.6%. The main indices […]<\/p>\n","protected":false},"author":1,"featured_media":36518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[37],"tags":[],"class_list":{"0":"post-36517","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"\nU.S. stocks are mixed, with weakness in tech on Alphabet's cloud revenue miss | Prosfunds<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters Investing.com -- U.S. stocks are mixed, with weakness in the tech sector after Alphabet (NASDAQ:) reported lower than expected revenue from its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/prosfunds.com\/?p=36517\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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