US stock market ended mixed on Thursday, with the S&P 500 and Nasdaq closing lower, weighed down by selling in technology stocks, after latest earnings reports failed to impress investors.
The Dow Jones Industrial Average added 55.96 points, or 0.11%, to 49,071.56, while the S&P 500 fell 9.02 points, or 0.13%, to 6,969.01. The Nasdaq Composite closed 172.33 points, or 0.72%, lower at 23,685.12.
On the Nasdaq, 2,067 stocks rose and 2,746 fell as declining issues outnumbered advancers by a 1.33-to-1 ratio. The S&P 500 posted 51 new 52-week highs and 20 new lows, Reuters reported.
On US exchanges 23.36 billion shares changed hands, well above the 18.83 billion 20-day moving average. Advancing issues outnumbered decliners by a 1.19-to-1 ratio on the NYSE. There were 611 new highs and 176 new lows on the NYSE.
Microsoft Stock Tanks 10%
Microsoft stock price slumped 10%, and was the biggest drag on the S&P 500. The fall Microsoft share price came after the software giant reported its Q2 earnings. Microsoft’s cloud revenue failed to impress and stoked fears the hefty outlays for its OpenAI alliance were not reaping returns fast enough.
Microsoft total sales increased 17% to $81.27 billion, while profit was $5.16 a share in Q2. Analysts had expected sales of $80.31 billion and per-share earnings of $3.92. The Azure cloud-computing unit posted a 38% revenue growth during the quarter when adjusting for currency fluctuations.
Software Stocks Decline
Other software stocks on Wall Street also ended lower. Salesforce shares delcined 6.09%, Oracle shares fell 2.2%, Adobe stock price declined 2.6%, and Datadog shares tanked 8.8%.
Meanwhile, Apple shares rose 0.72%, Nvidia share price gained 0.52%, while Tesla stock price shares declined 3.45%.
Meanwhile, the dollar index edged higher, supported in part by the Federal Reserve’s decision to keep interest rates unchanged, but was poised for a second straight weekly decline.
