Investors are concerned that corporate earnings won’t be able to withstand slowing economic growth caused by the war in Ukraine and China’s zero-COVID-19 policy.
, while the Nasdaq plunged 4 per cent to its lowest level in more than a year. It was the tech-heavy benchmark’s biggest single-day decline since September 2020, placing it firmly in bear market territory having fallen 22 per cent from its record close in November.
Google parent Alphabet reported its first quarterly revenue miss of the pandemic, and posted an 8 per cent decline in profit on the back of slowing growth for advertising on YouTube and search. Concerns were slightly alleviated by Microsoft’s quarterly sales and earnings topping analyst projections due to strong growth in cloud service demand. While the stock also declined 3.7 per cent by Tuesday’s close in New York, the company’s shares bounced as much as 6.9 per cent in late trading.
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