Tech Stocks Fall Postmarket on Drag From Earnings: Markets Wrap
- U.S. stocks sink to six-week low during regular session
- China’s central bank vows help as Covid lockdowns sap growth
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U.S. stocks sank to the lowest in six weeks as doubts emerged that corporate profits can withstand the Federal Reserve stepping up its battle to tame runaway inflation.
The rout persisted after the cash market closed, as results from Alphabet Inc., Texas Instruments Inc. and Microsoft Corp. disappointed. The biggest ETF that tracks the Nasdaq 100 sank another 1% after the tech-heavy index plunged almost 4% to the lowest in 11 months. Alphabet lost 4.5% and Microsoft erased losses to gain 0.5% as of 4:32 p.m. in New York.