Alphabet reported a slight miss on quarterly revenue, sending its stock down after hours as investors weighed a slowdown in advertising spend. The tech giant's cloud business showed modest growth, but analysts warned of headwinds from a tightening market. Meanwhile, the latest U.S. economic data revealed a robust surge in consumer spending and manufacturing output, underscoring a resilient economy despite earlier concerns about inflation and interest rates.
In other market moves, DoorDash announced a $2.3B acquisition of Instacart, a deal that could reshape the food delivery landscape and intensify competition with Uber Eats. Separately, ServiceNow's shares tanked after the enterprise software firm warned of weaker-than-expected sales and lowered its full‑year guidance, citing slower customer adoption and pricing pressure. The mixed signals across tech and corporate earnings highlight the divergent paths of big‑tech and the broader economy as investors brace for upcoming Fed policy decisions.
Source: Wall Street Journal Markets · Summarized by HeadlinesBriefing