Alphabet stock is trading at $97.86 as of 10:49 AM EDT
After the bell on Tuesday, concerns about the state of the technology sector returned as the recent Wall Street rally was damaged by the quarterly results from Alphabet (NASDAQ:GOOGL) and Microsoft (NASDAQ:MSFT). Overnight trading saw declines of up to 2.4% in futures linked to the Nasdaq (COMP.IND), as well as over 1% in those related to the S&P 500 (SP500), challenging those who had bet that the big stock selloff this year had reached its bottom. Because of the continued fragility of emotions and the challenging trading conditions brought on by erratic market movements, additional volatility is unavoidable.
A market strategist at Saxo Capital named Jessica Amir said, “The global economy is getting close to a tipping point.” “Forward profitability for firms will continue to suffer as a result of the stronger currency at a time when consumer Demand is anticipated to decrease because of the anticipated market-wide reverse wealth effect.” Riskier asset groups, like technology, are still under pressure. “
Alphabet stock
Following results that fell short of forecasts on both the top and bottom lines, Alphabet stock fell 6.6% AH. As YouTube was hit hard by the dramatic global decline in online advertising, sales growth slowed down even more, and ad income for the division fell for the first time since the business started disclosing its financial performance in 2020.
Microsoft stock
The stock of the company that makes Windows fell by 6.7% AH after a mixed bag of results that were hurt by tech rival Google. Intelligent cloud computing revenue, which includes Microsoft Azure and other cloud services, was the biggest piece of the company’s revenue puzzle. It added up to $20.3 billion, which was 20% more than the previous quarter. The C-suite warned that some hard weather may be coming in the upcoming months, but a fall in PC sales and the strength of the currency continued to drag on profitability and growth.
Can Alphabet Stock And Performance Return To Beats With A Lower Revenue Bar?
Featured Image – Megapixl © Vladsseven
Author Jowi Kwasu 
