Wall Street Trades Mixed as Alphabet Weighs on Markets
The major U.S. stock indexes are showing mixed performance on Thursday, with Alphabet shares weighing heavily on the market. Meanwhile, investors continue to digest Nvidia’s earnings and forecasts for AI demand.
The Dow Jones Industrial Average, comprising 30 major companies, is up 0.52% at 43,634.56 points. The S&P 500 has inched higher by 0.06% to 5,920.47 points, while the tech-heavy Nasdaq Composite is down 0.55% at 18,862.33 points.
Alphabet shares (-6.5%) have plunged after the Department of Justice argued in court that Google should sell its Chrome browser and take additional steps to dismantle its monopoly. The communication services sector has dropped 2.2% in response.
Spotlights
Nvidia shares (-1.46%) are also down after gaining more than 2% earlier in the session. Despite its third-quarter results exceeding market expectations, the figures failed to impress as much as in previous earnings reports.
Traders are also factoring in U.S. economic data, which revealed an unexpected drop in weekly jobless claims, along with weaker-than-expected manufacturing activity, further influencing market sentiment.
Also today, gold prices climbed for the third consecutive session on Wednesday, reaching a one-week high as investors sought safety in the haven metal amid escalating geopolitical tensions between Russia and Ukraine.
Spot gold rose 0.7% to $2,650.49 per ounce, after hitting its highest level since November 11 earlier in the session. U.S. gold futures gained 0.9%, closing at $2,654.00.
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