Wall Street shifted lower in early trading Wednesday as markets took in more corporate earnings reports, according to the Associated Press. Futures for the S&P 500 were off 0.4%, while technology stocks dragged Nasdaq futures down 0.8% before the bell. Futures for the Dow Jones Industrial Average were off 0.1%.
Google parent company Alphabet tumbled 7.1% after its latest earnings report disappointed investors, who had been expecting more robust revenue from the company’s cloud business related to artificial intelligence.
Despite beating analysts’ sales and profit targets for the most recent quarter, shares of Advanced Micro Devices skidded nearly 10% as revenue from its data centers fell short of Wall Street expectations.
Walt Disney Co. shares rose about 1% after the entertainment giant beat first-quarter profit expectations thanks in part to the box office success of Moana 2.
Mattel soared more than 13% in premarket after the toy and game maker beat Wall Street’s earnings projections and gave a strong profit outlook for 2025.
In energy trading, benchmark U.S. crude fell 83 cents to $71.89 per barrel. Brent crude, the international standard, declined 88 cents to $75.32 per barrel.
The U.S. dollar slipped to 152.91 Japanese yen from 154.30 yen.
