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US stocks drop as gloomy earnings reports from Big Tech and others roll in

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Traders work on the floor of the New York Stock Exchange (NYSE)

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  • US stocks fell Wednesday as investors assess more earnings reports from Corporate America. 
  • Microsoft cut revenue guidance and Boeing posted a quarterly loss. 
  • Tesla’s earnings are on tap later Wednesday. 

US stocks fell Wednesday as investors received disappointing financial updates from Boeing and Microsoft, underscoring concerns about how companies are faring through macroeconomic headwinds and supply chain snarls. 

All three of Wall Street’s major equity indexes were in the red, led by losses in the tech-concentrated Nasdaq Composite. 

Microsoft shares were under pressure after the company cut its fiscal third-quarter revenue outlook in part as growth in its cloud business slows. Boeing fell after the aircraft maker posted a more than $600 million loss for the fourth quarter, hurt by supply chain challenges. 

Big Tech shares will remain in focus with Tesla‘s fourth-quarter results due after Wednesday’s closing bell. Investors will watch what the EV maker says about demand and recent price cuts.

Here’s where US indexes stood at the 9:30 a.m. opening bell on Wednesday: 

Here’s what else is happening today:

In commodities, bonds, and crypto:

Read the original article on Business Insider

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