A steep drop in shares of technology companies dragged the Nasdaq Composite into correction territory Wednesday. Read the day’s full markets roundup here.
Shares of Alphabet closed down nearly 10% after the Google parent reported its quarterly results, a warning sign to some investors about the resilience of tech stocks after a banner year. Shares of Amazon.com, Apple and Nvidia were also lower.
It hasn’t been all bad; cloud results at Microsoft boosted its shares.
Stocks fell. All three major indexes ended lower, with the Nasdaq ending down 2.4%. That pulled the tech-heavy index down more than 10% from its recent high.
Yields on benchmark 10-year Treasury notes rose but held below the 16-year high of 5% reached Monday.
Chip stocks fell after Texas Instruments reported lackluster quarterly results.
Shares of Germany’s Deutsche Bank shot up after it reported that higher interest rates had benefited its lending business and signaled it would raise shareholder payouts.
Microsoft rose after the company’s quarterly revenue and net income beat analysts’ expectations.
Read More: Nasdaq Closes in Correction Territory; Alphabet Stock Slides After Earnings