KONTAN.CO.ID - NEW YORK. Gloomy results from Alphabet and Microsoft stoked fears of a global economic downturn and derailed an earnings-led surge in stock markets on Wednesday, while setting the tone for results from other megacap technology giants.
The Nasdaq tumbled nearly 2% as the results underscored the fallout of strong dollar and weak demand on the tech sector against the backdrop of high inflation and rising borrowing costs.
Shares of the Google-parent and Microsoft fell about 8% in early trading. Meta Platforms Inc, which will report after markets close, was down 4%, while Amazon.com Inc lost 4% and Apple Inc 1% in the run-up to their results on Thursday.