A slide in tech behemoths soured the mood Thursday as disappointing earnings cast doubt on the pillars of a record first-half for the Nasdaq 100 this year.
Futures on the Nasdaq 100 fell 0.8 per cent as investors digested Netflix Inc.'s missed sales estimates and disappointing third-quarter forecast. Tesla Inc. also fell after profitability shrank in the second quarter, a sign the electric-vehicle maker's margins are being squeezed.
“The breadth of returns on the S&P 500 has become increasingly narrow, driven by a few mega-cap tech stocks on AI optimism, which is a classic sign of an ageing bull,” he wrote in a note. U.S. Treasuries fell, pausing a rally sparked by speculation that easing inflation would give the Federal Reserve room to wind down its rate tightening cycle.
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