Alphabet shares slid more than 8% after the Google parent beat on earnings and revenue but fell short in its cloud business. By contrast, Microsoft stock popped 4% after its own double beat showed its bets on AI were paying off for its cloud segment.
Other megacaps lost ground as the mixed picture sapped some faith in Big Techs, which have powered gains in stocks this year. Amazon stock (AMZN) and Facebook parent Meta (META) — which reports results after the close Wednesday — were down about 3%.
Tech stocks have borne the brunt of pressure from surging Treasury yields, which rose again early Wednesday after stabilizing somewhat. The 10-year yield (^TNX) climbed to 4.88%, while the 30-year yield (^TYX) advanced above the 5% level.
Shares in Deutsche Bank jumped nearly 7% after the German lender’s profit beat estimates.
Big Tech leads Nasdaq lower at the open
Alphabet shares slid more than 8% after the Google parent beat on earnings and revenue but fell short in its cloud business. By contrast, Microsoft stock popped almost 4% after its own double beat showed its bets on AI were paying off for its cloud segment.
Microsoft, Boeing, and Alphabet: Stocks trending in premarket trading
Here are some of the stocks leading Yahoo Finance’s trending tickers page in premarket trading on Wednesday:
Microsoft (MSFT): Shares were up almost 4% premarket. Microsoft announced its quarterly earnings after the closing bell on Tuesday, beating analysts’ expectations on revenue and earnings per share, as reported by Yahoo Finance’s Daniel Howley.
Boeing (BA): Boeing saw its share price rise by 3%. The company cut its 737 delivery forecast on Wednesday for this year, blaming it on supplier quality issues.
T-Mobile (TMUS): Shares in the company were up 2% after it raised the lower end of its annual free cash flow forecast as quarterly subscriber additions topped estimates.
Stock futures mostly fall after Alphabet’s cloud disappointment
The Nasdaq and S&P 500 were set to open lower Wednesday as investors digested diverging cloud-business performance in Microsoft and Google parent Alphabet’s earnings reports.
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