Brendan McDermid/Reuters
Traders work on the floor at the New York Stock Exchange on October 23, 2023. REUTERS/Brendan McDermid
New York
CNN
—
US stocks fell on Thursday under the pressure of disappointing third-quarter results from Big Tech companies and high Treasury yields.
The Dow fell about 252 points, or 0.8%, and the S&P dropped 1.2%. The tech-heavy Nasdaq Composite, meanwhile, sank another 1.8%.
Thursday’s drop comes after the S&P 500 fell to its lowest levels since May on Wednesday and the Nasdaq notched its worst day since February, closing down 2.4%.
Shares of Meta slid about 3.7% on Thursday after the Facebook parent company reported that advertising revenue had been soft this quarter. While Meta beat expectations and posted significant year-over-year quarterly revenue gains of 23%, Wall Street worried about its Reality Labs division, which lost $3.7 billion.
Shares of Google-parent Alphabet also slid on Wednesday, falling by 9.5% after the company also reported…
