- US stock market opened mixed with S&P 500 and Nasdaq down over 0.5% and 1.4% respectively
- Dow Jones Industrial Average declined 0.6% following weak financial results from major firms
- Alphabet shares dropped 13.25% due to missed Q3 earnings and negative $9.07 billion free cash flow
The US Stock market opened mixed with S&P 500 and the Nasdaq indices opening in the red, down over 5%, after financial results of notable firms missed Wall Street's expectations.
The Dow Jones Industrial Average was down 0.6%. The S&P 500 lost 0.5%, and the Nasdaq Composite decreased 1.4%.
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Shares of Alphabet, which is listed on the Dow Jones were down 13.25% to $281.84 at 7:12 p.m. IST. Similarly, shares of Caterpillar, a notable construction firm, were down 10% after the market opened and were trading at a downturn of 8.29% to $654.31 at 7:17 p.m. IST.
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The Google parent's shares dropped 10.38% in premarket trading as its third quarter results missed expectations on adjusted earnings per share and revenue. The company reported negative free cash flow of $9.07 billion, while the full-year capital expenditures forecast stood at $195 billion to $205 billion, more than double what it spent last year.
AI- related stocks were also affected with the IShares Semiconductor Exchange Traded Fund (ETF) falling 2.19% to $510.31 at 7:30 p.m. IST and the Roundhill Memory ETF declining 3.92% to $52 at 7:31 p.m. IST.
Investors also assessed US Federal Reserve's decision to hold interest rates, leaving the central bank's benchmark rate in the range of 3.75% and 4%. The Federal Reserve held the benchmark interest rate steady in the range of 3.75-4% following its first rate hike in three years during the previous September monetary policy meeting. Chairman Kevin Warsh-led Federal Open Market Committee (FOMC) voted 10-2 to hit pause on the federal funds range in support of the US central bank's 'dual mandate'. In its statement, FOMC said inflation remains elevated, while job gains have kept pace with workforce.
Warsh maintained that inflation remains unacceptably high, even as policymakers assess the broader economic outlook and the extent to which financial conditions are tightening.
Warsh avoided committing to a particular course of action for the December meeting, saying the Fed's decisions would remain dependent on incoming data. The chair said the committee had not reached a firm conclusion on its next move, leaving markets to assess inflation, economic activity, employment conditions and financial developments before the next policy decision.
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