Wall Street plunged on Wednesday after weak earnings results led by Alphabet on Tuesday and slew fourth quarter guidance from the technology sector after the bell, causing a sharp selloff in tech stocks.
The bearish sentiment during the session on Wednesday came after Alphabet reported its earnings on Tuesday that showed revenue in its Google cloud unit was below expectations
Yesterday, Dow Jones closed 0.32% lower to 33,035.93 points, while S&P 500 fell 1.43% to 4,186.77 points and Nasdaq plunged 2.43% to 12,821.22 points.
Meanwhile, several companies announced their earnings after the closing bell. Even though Meta showed better performance than expected in the third quarter, its Reality Labs division recorded a loss of $3.7 billion. The share price of Meta dropped 4.1% on Wednesday and another 3.3% in an after-hour trading. Align Technology fell 4.4% at the closing and 25% after hours due to its weak guidance for the fourth quarter.
Nasdaq Futures continued to drop by 1% in an early trading session of Asian markets on Thursday.