The NASDAQ index got hit hard with the major index falling the most since February 21.
The index fell -2.43%. That represents the 2nd worst trading day of the calendar year. On February 21 the index fell -2.50%.
Although Microsoft rose near 3% on the day after its earnings and revenues beat expectations last night, Alphabet fell sharply despite beating its expectations. Traders were not impressed with its cloud revenues. Alphabet shares fell -9.50% on the day. The decline was its worst day since March 2020.
A snapshot of the final numbers shows:
- Dow industrial average fell -105.45 points or -0.32% at 33035.92
- S&P index fell -60.94 points or -1.43% at 4186.79
- NASDAQ index fell -318.66 points or -2.43% at 12821.21
After the close, Meta will report earnings:
- EPS are expected at $3.63
- Revenues are expected at $33.56B
UPDATE: Meta beat on the top and bottom lines
- EPS at $$4.39 vs $3.63 est.
- Revenues came in at $34.15 vs expectations of $33.56 billion
- Forward guidance $36.5B to $40B vs $38 billion expected
Shares are up over 3% in after-hours trading
Meta closed down sharply. Shares ended the day down $-13.01 or -4.16% at $299.54. It's 100 day moving average was just below the closing level at $299.05.
For IBM they beat on the top and bottom line:
- Earnings came in at $2.20 versus estimate of $2.13
- Revenues came in at $14.75 billion versus $14.73 billion estimate
Shares of IBM are up 1.4%
ServiceNow beat on the top and bottom line:
- EPS $2.92 versus $2.56 estimate
- Rev $2.29 billion versus $2.27 billion estimate
Shares of ServiceNow are trading up 6.57%
