Global stocks slid Thursday as investors digested disappointing tech results and remained risk-adverse ahead of a coin-toss US election.
Data showing the US Federal Reserve’s preferred inflation measure cooled further last month and now sits just above its long-term target — a positive sign for future interest-rate cuts — failed to boost sentiment.
Microsoft and Facebook-parent Meta reported expectations-beating results Wednesday following the closing bell, but saw their share prices fall.
“Both Microsoft and Meta topped earnings expectations, yet the stocks are being victimized by high expectations, valuation angst, and festering concerns about the timing and scope of returns on their massive AI investment activity,” said Briefing.com analyst Patrick O’Hare.
Microsoft shares fell five percent after the opening bell. Meta shares slid 1.6 percent.
“The response to their reports has tempered investor enthusiasm for the reports from Apple and Amazon.com after today’s close,” he added.
Wall Street’s three main indices …