Risk aversion swept across markets on Thursday as investor disappointment over third-quarter tech earnings triggered the steepest drop in major U.S. indices in nearly two months.
Microsoft Corp. (NYSE:MSFT) plummeted over 5% by midday trading in New York, on track for its worst session in two years. Although the company surpassed earnings estimates, it forecasted slower growth in its Azure cloud business, dampening future revenue expectations.
Meta Platforms Inc. (NASDAQ:META) also declined by over 4% despite a strong quarterly performance, as the social media giant projected “significant” capital expenditure growth next year, particularly for AI infrastructure.
The S&P 500 dropped 1.4%, and the tech-heavy Nasdaq 100 slid 2.2%, both tracking their worst session since Sept. 6. The CBOE Volatility Index (VIX) surged 12%.
Risk aversion also weighed on commodities, with gold prices dropping 1.7%, marking their worst day since July, and silver plunging 3% after a 2% decline on Wednesday.
Bitcoin (CRYPTO: BTC) slid 2.4%, and crypto-related stocks suffered significant losses. Coinbase Global Inc. (NASDAQ:COIN) tumbled over 10% on disappointing earnings, eyeing its worst day since May.
Thursday’s Performance In Major US Indices, ETFs
According to Benzinga Pro data:
Thursday’s Stock Movers
Stocks reacting to corporate earnings were:
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