Tech Tickers Turbulence: Microsoft, Meta Surge Amid Stock Slump
U.S. stocks closed lower as early gains dwindled amidst economic data and earnings reports. Microsoft briefly surpassed a $4 trillion market cap. Meta achieved record highs, while other AI stocks weakened. Most S&P 500 firms topped earnings expectations. Market eyes are now on upcoming non-farm payrolls and tariffs.
On Thursday, U.S. stocks ended lower despite initial gains, as investors absorbed corporate earnings and economic data while anticipating results from heavyweights Amazon and Apple. Microsoft's share boost, surging 3.5% and reaching a $4 trillion market cap, highlighted the day.
Meta Platforms also made headlines, closing at an all-time high amid optimistic revenue forecasts fueled by AI-driven ad growth. Conversely, chipmakers like Broadcom and Nvidia saw declines, dragging the PHLX semiconductor index down 3.1%, marking its worst day since April 16.
As investors await Friday's non-farm payroll report and new tariff announcements from President Trump, the Dow dropped 330.30 points, the S&P 500 fell 23.51 points, and the Nasdaq slipped 7.23 points. Drug stocks declined after Trump's call for action on prescription prices, further adding to market volatility.
(With inputs from agencies.)
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