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Business News/ Markets / Stock Markets/  World markets today: Nasdaq dips over 1% as Alphabet, Microsoft forecast rising AI costs; Fed decision awaited
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World markets today: Nasdaq dips over 1% as Alphabet, Microsoft forecast rising AI costs; Fed decision awaited

At 9:48 a.m. ET, the Dow Jones was up 0.15 per cent, the S&P 500 was down 0.68 per cent, the Nasdaq was down 1.33 per cent

On Tuesday, the S&P 500 declined 0.06 per cent to end at 4,924.97 points. Getty Images via AFPPremium
On Tuesday, the S&P 500 declined 0.06 per cent to end at 4,924.97 points. Getty Images via AFP

Nasdaq tumbled more than 1 per cent on Wednesday after Alphabet and Microsoft forecast rising artificial intelligence costs, ahead of the US Federal Reserve’s outlook on policy rates later in the day.

At 9:48 a.m. ET, the Dow Jones Industrial Average was up 56.62 points, or 0.15 per cent, at 38,523.93, the S&P 500 was down 33.37 points, or 0.68 per cent, at 4,891.60, and the Nasdaq Composite was down 205.83 points, or 1.33 per cent, at 15,304.07.

At the opening bell, the Nasdaq Composite dropped 185.71 points, or 1.20 per cent, to 15,324.19 while the Dow Jones Industrial Average fell 40.53 points, or 0.11 per cent, at the open to 38,426.78. The S&P 500 opened lower by 25.78 points, or 0.52 per cent, at 4,899.19. 

ALSO READ: US Fed Meet Live Updates: Powell-led FOMC likely to hold key rates steady for 4th straight meeting

Shares of Alphabet slumped 6.9 per cent after the company reported holiday-season advertising sales below expectations and projected rising artificial intelligence costs this year.

Microsoft fell 0.5 per cent as it also predicted higher costs to develop new artificial intelligence features.

Apple, Meta Platforms and Amazon.com fell between 1.6 per cent and 2.3 per cent.

 

On Tuesday, the S&P 500 declined 0.06 per cent  to end at 4,924.97 points. The Nasdaq Composite Index fell 0.76 per cent to 15,509.90 points, while the Dow Jones Industrial Average rose 0.35 per cent to 38,467.31 points. 

The yield on the 10-year Treasury fell to 3.96 per cent from 4.04 per cent late Tuesday.

In Europe, the STOXX 600 index was last up 0.1 per cent, boosted by robust corporate updates.

In Asian stock markets, Hong Kong’s Hang Seng index edged down 1.4 per cent at 15,485.07. China's Shanghai Composite lost 1.5 per cent at 2,788.55.

Japan’s Nikkei 225 rose 0.6 per cent at 36,286.71. 

Oil prices fell on Wednesday, pressured by lacklustre economic activity in China.

Brent crude futures for March, which expire today, fell 83 cents, or about 1 per cent, to $82.04 a barrel by 1336 GMT. The more actively traded April contract was down 85 cents, or about 1 per cent, at $81.65.

US West Texas Intermediate crude futures lost 95 cents, or roughly 1.2 per cent, to $76.87.

Gold prices are set to end January in negative territory. Spot gold was flat at $2,037.30 per ounce by 1237 GMT, while US gold futures rose 0.3 per cent to $2,037.30.

 

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Published: 31 Jan 2024, 08:26 PM IST
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