Stocks Open Mostly Lower After Disappointing Tech Results
Tech stocks led the market’s decline early Wednesday morning after a pair of disappointing quarterly reports from AMD and Google.
The Dow was down 140 points, or 0.3%, while the S&P 500 was down 0.4%. The Nasdaq Composite was down 0.7%.
Google’s parent Alphabet missed estimates on revenue due to a slowdown in their cloud business while AMD reported slower than expected data center revenue, a segment that includes money coming in from artificial intelligence chips.