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FMC plunges 33% on lower projection

Uber decreases after assisting Q1 bookings listed below estimates

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

(Updates with afternoon costs)

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 dour cloud revenue and significant financial investments into synthetic intelligence dissatisfied financiers, while a slew of earnings added to the volatility.

Google-parent Alphabet dropped 8.2% after publishing downbeat cloud income development and allocating a higher-than-expected $75 billion for its AI buildout this year.

"The market has some proof to suggest that there are other business that possibly doing it less expensive, better, much faster, quicker," said Dave Grecsek, handling director in preparation technique and research at Aspiriant.

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

AI-related stocks were rocked last week following the soaring popularity of a low-cost Chinese expert system model developed by startup

DeepSeek

. Nvidia, among the companies that was the worst hit, was up 3.8% on the day.

Advanced Micro Devices, meanwhile, lost 8.9% after CEO Lisa Su said the company's current-quarter data center sales - a proxy for its AI income - would fall about 7% from the previous quarter.

On the data front, U.S. services sector activity suddenly slowed in January in the middle of cooling demand, assisting curb cost growth, a reading from the Institute for Supply Management showed.

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

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

At 11:33 a.m. ET, the Dow Jones Industrial Average rose 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 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 greater, though communication services' over 3% fall obscured gains.

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

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

Markets also searched for advancements on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no hurry to speak to 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 effect of new tariffs, immigration, guidelines and other Trump administration efforts.

Among top movers, FMC Corp plunged 33.6% after the agrichemicals manufacturer forecast first-quarter income below estimates.

Johnson Controls jumped 11.1% as the building options business named Joakim Weidemanis as ceo and raised its 2025 revenue projection.

Advancing issues surpassed 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 published 27 brand-new 52-week highs and online-learning-initiative.org 12 brand-new lows, while the Nasdaq Composite recorded 81 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)