Market Update: Microsoft and Meta Platforms Keeping S&P 500 Afloat
More than two thirds of the S&P 500’s members are falling today, but Microsoft and Meta Platforms are keeping the index afloat.
The market benchmark was down 0.1%, moving in and out of negative territory. The Nasdaq Composite was up 0.1% after briefly turning negative. The Dow was down 161 points, or 0.4%.
Microsoft shares were still up 4%, while Meta surged 12%. Results from both firms had the S&P and Nasdaq on track for record highs before some profit taking and worries about the economy overpowered the boost from the tech titans’ results. Apple and Amazon.com will also need to keep the ball rolling when they report right after the close.
Today in the stock market, the S&P 500 is experiencing a mixed day with more than two-thirds of its members falling. However, the index is being supported by strong performances from tech giants Microsoft and Meta Platforms.
The overall market benchmark is down 0.1%, fluctuating between positive and negative territory. The Nasdaq Composite is up 0.1% after briefly dipping into negative territory, while the Dow is down 161 points, or 0.4%.
Microsoft shares are leading the way with a 4% increase, while Meta Platforms has surged an impressive 12%. The positive results from these tech companies initially pushed the S&P and Nasdaq towards record highs, but profit-taking and concerns about the economy have tempered the gains. Investors are now looking towards Apple and Amazon.com, who are set to report their earnings after the market close.
It will be interesting to see how the market reacts to the upcoming earnings reports and if Microsoft and Meta Platforms can continue to provide support for the S&P 500.
