U.S. stock futures fell on Wednesday morning after disappointing third-quarter results from Alphabet marked a foreboding start to Big Tech earnings this week.
Dow Jones Industrial Average futures fell by 74 points, or 0.23%. S&P 500 and Nasdaq 100 futures declined 0.89% and 1.88%, respectively.
Shares of Google-parent Alphabet dropped more than 6% in extended trading. The online search giant missed expectations on the top and bottom lines. Alphabet also reported a decline in YouTube ad revenue, which spurred investors to deliberate the outlook for other tech companies that rely on ad spending.
“I think we have to take a big picture perspective and recognize that no one’s really immune in this market, there is a slowdown in digital ad spend,” Sand Hill Global Advisors’ Brenda Vingiello said Tuesday on CNBC’s “Closing Bell: Overtime.”
Other mega-cap tech stocks declined in after hours trading on the back of the report. Shares of Meta Platforms fell 4.1%, and Amazon slipped 2%.
Meanwhile, Microsoft declined about 3% after the tech giant reported weaker-than-expected cloud revenue in its latest quarterly results, despite beating earnings and revenue estimates.
During the regular session Tuesday, the Dow Jones Industrial Average advanced 337 points, or about 1.1%. The S&P 500 rose 1.6%, while the Nasdaq Composite jumped 2.2%. Those gains, on the back of a drop in bond yields, helped the major averages extend their rally for a third straight day.
Traders are expecting quarterly earnings results from Boeing and Kraft Heinz Tuesday before the bell, as well as more Big Tech earnings from Meta after the bell.
They’re also watching for the latest economic data on weekly mortgage applications, wholesale inventories and new home sales.
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