Nasdaq futures are down after Microsoft Corp., Alphabet Inc. and Texas Instruments Inc. disappointed investors. Find out more
“The global economy is at a tipping point,” said Jessica Amir, strategist at Saxo Capital Markets. “The stronger USD will continue to hurt businesses’ forward earnings, at a time when consumer demand is likely to fall with the reverse wealth effect expected to grip markets. Pressure remains on riskier asset classes, such as tech.”Article content
The selloff in extended trading was broad-based. Amazon.com Inc. fell 4.9 per cent. Those that derive sales from online advertising followed Alphabet lower, with Meta Platforms Inc. and Pinterest Inc. dropping more than 4 per cent each. Among software companies moving in the wake of Microsoft, Datadog Inc. tumbled 7 per cent, Snowflake Inc. fell 5 per cent and Salesforce Inc. dropped 3 per cent. In the chip space, Analog Devices Inc., ON Semiconductor Corp., and Marvell Technology Inc.
Pessimism is growing in the semiconductor industry, which had been one of the hottest sectors during the pandemic. Texas Instruments, whose chips go into everything from home appliances to missiles, saw shares tumble after its weak forecast signalled that the chip slump is spreading beyond computing and phones into other businesses.
Hynix is joining fellow memory makers Micron Technology Inc. and Kioxia Holdings Corp. in slashing production plans as chip prices tumble. That pullback may ultimately prove beneficial for profits — and stock prices, analysts said. Hynix shares, which have lost 28 per cent this year, were up as much as 2.1 per cent.Article content
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Tech giants disappoint — and they're dragging the index down with themNasdaq futures are down after Microsoft Corp., Alphabet Inc. and Texas Instruments Inc. disappointed investors. Find out more
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