Post-Earnings Meta Rally Fails to Prop Up QQQ: Markets Wrap
- Nasdaq 100 notches worst slide of 2023 as bond yields climb
- Yen drops to weakest this year versus dollar on wide yield gap
This article is for subscribers only.
A giant exchange-traded fund tracking the Nasdaq 100 (QQQ) whipsawed in late hours as a post-earnings rally in Meta Platforms Inc. failed to spur a rebound after the tech-heavy gauge’s worst slide of 2023.
Wall Street grappling with a batch of corporate earnings sent stocks lower on Wednesday amid heightened Treasury volatility, with traders also keeping an eye on the latest geopolitical developments. The S&P 500 dropped about 1.5%. The Nasdaq 100 slid 2.5% as Google’s parent Alphabet Inc.’s disappointing cloud figures outweighed Microsoft Corp.’s sales. A gauge of chipmakers slid 4.1% on Texas Instruments Inc.’s bearish forecasts.