After two megacap tech giants released their quarterly results on Wednesday, the Nasdaq Composite saw a decline. Wall Street also watched the Federal Reserve’s decision regarding interest rate policy.
Following the release of their quarterly earnings, Microsoft’s stock fell 1.6% and Alphabet’s fell more than 5%. It’s true that both businesses outperformed in terms of their top and bottom lines. But Alphabet’s ad income fell short of what experts had predicted.
Despite the businesses’ generally excellent results, Sam Stovall, chief financial strategist at CFRA Research, believes that the decline in Alphabet and Microsoft shares may be more of a short-term “buy on rumours, sell on news information” tendency.
Source (CNBC)
