Alphabet, Microsoft Lead Megacap Selloff Erasing $295 Billion
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Megacap stocks slide in premarket trading on Wednesday after disappointing quarterly updates from Alphabet Inc. and Microsoft Corp., set to wipe off about $295 billion in market value from the biggest US companies.
The Google parent said on Tuesday it would slow hiring and control expenses, signaling that it was girding for tough times ahead as the economy falters, while Microsoft gave a lackluster Azure sales forecast. Both stocks were down approximately 6% in premarket trading.