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Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 20, 2023.
Brendan Mcdermid | Reuters
Nasdaq 100 futures slipped on Wednesday evening following a sharp selloff in the regular session.
Nasdaq 100 futures dropped 0.6%, while S&P 500 futures fell 0.3%. Futures tied to the Dow Jones Industrial Average were near the flat line.
A slew of corporate earnings came out after the close. Facebook-parent Meta beat on top and bottom lines in the third quarter, but the company’s Reality Labs division lost $3.7 billion. Meta shares slid nearly 2%. Meanwhile, Align Technology plummeted 23% after the company offered weak fourth-quarter revenue guidance and missed estimates in the third quarter.
The moves follow a brutal trading session, which was partly driven by a 9.5% decline in Google-parent Alphabet and led its peer tech behemoths lower as well. Alphabet suffered its worst day since March 2020 after revenue in its Google cloud unit came in below analyst estimates.
In regular trading, the S&P 500 fell 1.4% and ended the day below the 4,200 level that’s widely watched by chart analysts and investors. That marked the first time the broader index closed below this threshold since May. The tech-heavy Nasdaq Composite, meanwhile, lost 2.4% and recorded its worst day since Feb. 21, while the 30-stock Dow shed 0.3%.
The next market catalyst may come Thursday morning as traders watch the first estimate for third-quarter gross domestic product, which is expected to have gained 4.7% on an annualized basis. The question now is how long will this expected growth last, particularly as economists look for signs of a recession.
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