Stocks Tumble, Nasdaq 100 Selloffs As Tech Giants Disappoint, Crypto Companies Plummet: What's Driving Markets Thursday?
Portfolio Pulse from Piero Cingari
Tech stocks led a market downturn as Microsoft and Meta's earnings forecasts disappointed investors, causing major indices to drop. Microsoft fell over 5% due to slower Azure growth forecasts, while Meta declined over 4% due to projected capital expenditure increases. The Nasdaq 100 and S&P 500 experienced significant losses, and crypto-related stocks like Coinbase also suffered. ETFs tracking these indices, such as QQQ and SPY, mirrored these declines.
October 31, 2024 | 5:19 pm
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NEGATIVE IMPACT
Coinbase's stock tumbled over 10% following disappointing earnings, marking its worst day since May.
Disappointing earnings results led to a significant drop in Coinbase's stock, reflecting investor concerns about its financial performance.
CONFIDENCE 100
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Meta's stock fell over 4% as it projected significant capital expenditure growth for AI infrastructure, despite strong quarterly performance.
Meta's announcement of increased capital expenditures for AI infrastructure raised concerns about future profitability, impacting its stock price.
CONFIDENCE 100
IMPORTANCE 75
RELEVANCE 85
NEGATIVE IMPACT
Microsoft's stock dropped over 5% due to slower growth forecasts for its Azure cloud business, despite surpassing earnings estimates.
Microsoft's forecast of slower Azure growth dampened investor sentiment, leading to a significant stock price drop despite strong earnings.
CONFIDENCE 100
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Invesco QQQ Trust Series, tracking the Nasdaq 100, fell 2.2% amid tech stock selloffs.
The decline in major tech stocks like Microsoft and Meta led to a significant drop in the QQQ ETF, which tracks the Nasdaq 100.
CONFIDENCE 100
IMPORTANCE 65
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust fell 1.5% as major indices experienced their worst session since September.
The overall market downturn, driven by tech stock declines, resulted in a drop in the SPY ETF, which tracks the S&P 500.
CONFIDENCE 100
IMPORTANCE 60
RELEVANCE 60