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WATCH: Microsoft Tops Estimates on Cloud Demand Strength

Big Tech misses the mark, banks enjoy a trading boon and China stocks fizzle out. 

The quarterly updates from Microsoft, Alphabet and Texas Instruments underscored growing pressure on everything from corporate IT budgets to digital ad spending and chips for industrial machinery. Microsoft posted its weakest quarterly sales growth in five years, while sales at Alphabet’s most important financial engine — the search and related businesses — fell shy of estimates. Nasdaq 100 Index futures lost as much as 2.4% in the aftermath of the results. More tech earnings are coming on Wednesday from Meta.