Alphabet Earnings Party Spoiled as Nasdaq Erases a 1.1% Gain
- Google’s doing ok, but Tesla and the Chip stocks lose ground
- Nasdaq 100 near a record while equal-weight version turns red
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Putting too much faith in the U.S. stock market’s direction over its first few hours is proving to be a mistake.
Case in point Tuesday, when gains fueled by Alphabet Inc.’s earnings faded four hours into the session. By about 1:30 p.m. in New York, the Nasdaq Composite Index had erased a gain of 1.1 percent. Among the biggest contributors to the retreat were Microsoft Corp., Netflix Inc. and Tesla Inc.