US equities dropped on Thursday as traders sifted through the winners and losers among big-spending technology names, offsetting optimism that Republicans and Democrats may strike a deal to avoid a US government shutdown.
The S&P 500 Index fell 0.8% at 10:07 a.m in New York. Energy stocks climbed alongside oil prices as President Donald Trump renewed threats against Iran. The Nasdaq Index fell 1.6%, while the Dow Jones Industrial Average dropped 0.2%.
Facebook owner Meta Platforms Inc. was one of the best performers in the index, with analysts saying its stronger-than-expected revenue outlook supports its massive capital spending for the next year. Its performance stands in sharp contrast to Microsoft Corp., which was among the biggest laggards in the market following disappointing guidance in its cloud computing business, while capital expenditures were higher than expected.
Big tech stocks dropped in morning trading. Microsoft fell 1%; Oracle fell 6%; Palantir fell 5%; Alphabet, Netflix, and Amazon fell 2%; Tesla, TSMC, Nvidia, and AMD fell 1%.
