Tech Stocks Hit as Microsoft Down 6% in Late Hours: Markets Wrap
- Nasdaq 100 on the brink of correction amid big tech earnings
- Microsoft’s cloud growth disappoints; AMD gives solid outlook
This article is for subscribers only.
The world’s largest technology companies extended losses in late hours as Microsoft Corp.’s results fueled concern the artificial-intelligence frenzy that has powered the bull market might have gone too far.
A $280 billion exchange-traded fund tracking the Nasdaq 100 (ticker: QQQ) got hit as the software maker plunged 6% amid slower cloud growth. The results overshadowed Advanced Micro Devices Inc.’s solid outlook. Intel Corp. rose on plans to cut thousands of jobs to reduce costs. All that will set the scene for earnings from other technology heavyweights, with markets also gearing up for Wednesday’s Federal Reserve decision.