Nasdaq hits one-month low after Tesla, Alphabet disappoint with lackluster earnings

The Nasdaq tumbled on Wednesday, reaching a one-month low. Tesla’s disappointing earnings, including a sharp decline in profit margins, triggered a massive sell-off. Alphabet’s results also fell short of expectations, raising concerns about the sustainability of the recent tech-driven market rally.

Reuters:
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Tesla slumped 11%, set to lose around $83 billion in market value at current levels from Tuesday’s close, if losses hold, after the EV maker reported its lowest profit margin in more than five years and missed second-quarter earnings estimates.

Google parent Alphabet, too, shed 4.6% despite a second-quarter earnings beat, as investors focused on an advertising growth slowdown and the company flagged high capital expenses for the year.

The benchmark S&P 500 dropped to a three-week low, pulled down by a 3% drop each in Apple, Microsoft, Amazon.com, Meta Platforms, and Nvidia.

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MacDailyNews Take: Again, thanks for the gift, Mr. Market! Apple’s stock price is down nicely currently for those who prefer to accumulate on the dips.

Be fearful when others are greedy and greedy when others are fearful. – Warren Buffett

Apple is scheduled to release fiscal third quarter results and business updates on Thursday, August 1, 2024, after market close, right around at 1:30 p.m. PT / 4:00 p.m. ET. The compnay will hold a conference call with analysts thirty minutes later at 2:00 p.m. PT / 5:00 p.m. ET.
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