(24 Jul 2024)
RESTRICTION SUMMARY:
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ASSOCIATED PRESS
New York – 18 June 2024
1. STILL of the New York Stock Exchange
ASSOCIATED PRESS
New York – 24 July 2024
2. STILL of a pair of traders work on the floor of the New York Stock Exchange
3. SOUNDBITE (English) Paul Harloff, The Associated Press:
"Wall Street saw its biggest losses since late 2022 Wednesday, with the S&P 500 falling more than 2% and the Nasdaq Composite falling about 3.5%. The main reason for the declines was were big losses in some of the world’s largest technology stocks, such as Tesla and Alphabet, the parent of Google."
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4. SOUNDBITE (English) Paul Harloff, The Associated Press:
"Tesla reported second quarter profit that fell 45%. Alphabet, meanwhile, posted results that met analyst expectations, but investors were still concerned about the spending behind some of the company’s artificial intelligence initiatives."
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5. SOUNDBITE (English) Paul Harloff, The Associated Press:
"Investors will continue to pay attention to profit reports from some of the biggest companies in the S&P 500. Next week, investors hear from more big tech companies such as Apple, Amazon and Microsoft. And we’ll see if those companies can reassure the market or if their results drive more selling, as we saw today with Tesla and Alphabet."
ASSOCIATED PRESS
New York – 17 June 2024
6. STILL of the New York Stock Exchange
STORYLINE:
A wipeout on Wednesday sent U.S. stock indexes to their worst losses since 2022 after profit reports from Tesla and Alphabet helped suck momentum from Wall Street’s frenzy around artificial-intelligence technology.
The S&P 500 tumbled 2.3% for its fifth drop in the last six days. The Dow Jones Industrial Average dropped 504 points, or 1.2%, and the Nasdaq composite skidded 3.6%.
The profit reports from Tesla and Alphabet weren’t disasters, but they raised questions among investors about which other market heavyweights’ springtime results could fall short of expectations, said Sam Stovall, chief investment strategist at CFRA.
Tesla was one of the heaviest weights on the market and tumbled 12.3% after reporting a 45% drop in profit for the spring, and its earnings fell short of analysts’ forecasts.
At Alphabet, meanwhile, investors’ patience with the company’s big AI investments may also be running thinner.
Alphabet dropped 5% even though it delivered better profit and revenue for the latest quarter than expected. Analysts pointed to some pockets of weakness underneath the surface, including weaker growth in advertising revenue for YouTube than expected.
They also said increased AI investments and other spending could crimp how much cash it generates.
The larger challenge for Alphabet may have simply been how much its stock has already rallied, nearly 50% in the 12 months through Tuesday, on expectations for continual growth.
Profit expectations are high for U.S. companies broadly, but particularly so for the small group of stocks known as the “ Magnificent Seven.”
Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Nvidia and Tesla need to keep delivering powerful growth after being responsible for the majority of the S&P 500’s run to records this year, when many other stocks struggled under the weight of high interest rates.
Critics are also calling these superstar stocks too expensive following their rocket rides higher.
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