US Stock Market Pulls Back on Tech Earnings Disappointment
Key Points:
* S&P 500 futures slide 0.5%, Nasdaq 100 futures decline 0.8%
* Alphabet and AMD earnings fall short
* Tech names impacted by US-China trade war concerns
* Apple shares dip after news of antitrust investigation in China
* Disney earnings report beats expectations
* European stocks seesaw amid US-China tariff uncertainty
Earnings Highlights:
* Alphabet (GOOG, GOOGL): Cloud revenue misses estimates, raising concerns about AI spending
* AMD (AMD): Strong data center revenue but weak AI guidance weighs on shares
* Disney (DIS): Streaming segment turns a profit, but theme park business hits a snag due to hurricanes
Trade War Jitters:
* US and China impose tariffs on each other's exports
* Big Tech companies, including Apple, face scrutiny in the trade dispute
Market Outlook:
* Wall Street remains cautiously optimistic despite tech earnings and trade war uncertainties
* Morgan Stanley lowers forecast for US interest rate cuts
* Disney's strong earnings provide a glimmer of hope
* European stocks remain volatile as geopolitical tensions linger
Additional Headlines:
* Gold surges to a record high amid demand for safe-haven assets
* Asian stocks decline as trade tensions escalate
* Toyota raises full-year operating profit forecast
* Chipotle shares fall after disappointing earnings and sales guidance