Markets on Wall Street logged losses in early trading today, the Associated Press reports, as the tech sector was dragged down by some uninspiring earnings from high-profile companies. Futures for the S&P 500 slipped 0.9% before the bell, and futures for the Dow Jones Industrial Average fell 0.5%. The tech-heavy Nasdaq tumbled 1.3%.
Electric vehicle maker Tesla’s second-quarter net income fell 45% compared with a year ago as the company’s global electric vehicle sales tumbled, despite price cuts and low-interest financing. Its shares were down 8.5% in premarket trading early today.
Alphabet Inc., Google’s parent company, delivered another quarter of steady growth amid an AI-driven shift in the ubiquitous search engine that is the foundation of its internet empire. However, its YouTube ad revenue did not meet expectations, and its shares fell 3.5% before the bell.
In other dealings, U.S. benchmark crude oil gained 98 cents to $77.94 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gained 84 cents to $81.85 per barrel.
The dollar was trading at 154 yen, down from 155.59 yen late Tuesday.
