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Stock futures fell Wednesday after mixed quarterly figures from Alphabet and chipmaker AMD led the tech sector lower. A decline in Apple also put pressure on futures.
Futures for the Dow Jones Industrials backtracked 60 points, or 0.1% to 44,637.
Futures for the S&P 500 sank 25.5 points, or 0.4%, to 6,037.50.
Futures for the tech-heavy NASDAQ faltered 163.75 points, or 0.8%, to 21,506.50.
Alphabet shares tumbled 7% after the Google-parent posted a cloud revenue miss as it ramps up spending on artificial intelligence, spooking investors who worried the megacap tech company will take longer to capitalize on its AI ambitions. Overall revenue for the period also came up short.
AMD shares were also lower by 8% after the company’s fourth-quarter data center revenue came up short of expectations.
Adding to techs troubles was Apple, which dropped 2.7% after Bloomberg News reported that regulators in China were considering launching a formal investigation into the company’s App Store fees and policies.
This comes as trade tensions between China and the U.S. increase. Over the weekend, the U.S. unveiled a 10% levy on Chinese imports. China retaliated with tariffs of up to 15% on U.S. goods.
In Japan, the Nikkei 225 picked up 0.1% Wednesday, while in Hong Kong, the Hang Seng sank 0.9%.
Oil prices fell 78 cents to $71.92 U.S. a barrel.
Gold prices increased $18.66 to $2,894.40 U.S. an ounce.
Futures Drop on Earnings News
