GitLab

FMC plunges 33% on lower quarterly income forecast

Uber declines after guiding Q1 bookings below quotes

*

Indexes: Dow up 0.15%, S&P 500 down 0.08%, Nasdaq down 0.34%

(Updates with afternoon prices)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

The S&P 500 and the Nasdaq slipped on Wednesday, with Alphabet the greatest drag after the tech giant's ugly cloud revenue and hefty financial investments into expert system disappointed financiers, while a slew of profits contributed to the volatility.

Google-parent Alphabet dropped 8.2% after posting downbeat cloud revenue growth and earmarking a higher-than-expected $75 billion for its AI buildout this year.

"The market has some evidence to suggest that there are other business that possibly doing it cheaper, much better, much faster, quicker," said Dave Grecsek, handling director in planning method and research study at Aspiriant.

"So what is the knowledge of continuing to maintain high capex?"

AI-related stocks were rocked last week following the soaring popularity of an inexpensive Chinese expert system design established by startup

DeepSeek

. Nvidia, one of the business that was the worst hit, was up 3.8% on the day.

Advanced Micro Devices, on the other hand, lost 8.9% after CEO Lisa Su said the business's current-quarter information center sales - a proxy for its AI revenue - would fall about 7% from the previous quarter.

On the information front, U.S. services sector activity suddenly slowed in January amidst cooling need, helping curb cost development, a reading from the Institute for Supply Management revealed.

Private payrolls increased by 183,000 jobs last month, compared with an estimated 150,000 boost, per economists polled by Reuters. The necessary January nonfarm payrolls report is anticipated to be launched on Friday.

Shares of Apple alleviated 1.2% as Bloomberg News reported that China's antitrust regulator was preparing for a possible examination of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Industrial Average increased 65.83 points, or 0.15%, townshipmarket.co.za to 44,621.87, the S&P 500 lost 4.37 points, or historydb.date 0.08%, to 6,033.51 and the Nasdaq Composite lost 70.17 points, or 0.34%, to 19,586.61.

Eight of the 11 S&P 500 sectors traded higher, though interaction services' over 3% fall obscured gains.

Uber Technologies dropped 7.2% after the ride-hailing business anticipated current-quarter reservations listed below quotes.

Fiserv advanced 7.1% as the payments firm beat quotes for fourth-quarter profit, helped by strong demand in its banking and payments processing unit.

Markets also searched for developments on the front after U.S. President Donald Trump said on Tuesday he remained in no rush to speak with Chinese President Xi Jinping to attempt to defuse a new trade war between the nations.

Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, but flagged uncertainty around the impact of new tariffs, migration, policies and links.gtanet.com.br other Trump administration initiatives.

Among top movers, FMC Corp plunged 33.6% after the agrichemicals producer projection first-quarter earnings listed below estimates.

Johnson Controls jumped 11.1% as the structure solutions business called Joakim Weidemanis as president and visualchemy.gallery raised its 2025 earnings forecast.

Advancing problems outnumbered decliners by a 2.03-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 posted 27 brand-new 52-week highs and 12 new lows, while the Nasdaq Composite tape-recorded 81 brand-new highs and 69 brand-new lows.

(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru; Editing by Pooja Desai, Devika Syamnath and Maju Samuel)