The Business Times

US: Nasdaq tumbles as downbeat tech earnings fuel growth fears

Published Wed, Oct 26, 2022 · 09:46 PM

The tech-heavy Nasdaq index opened 2 per cent lower on Wednesday (Oct 26) as disappointing results and warnings from Microsoft and Alphabet sparked losses in megacap companies and raised fears of slowing economic growth.

The Dow Jones Industrial Average fell 98.30 points, or 0.31 per cent, at the open to 31,738.44.

The S&P 500 opened lower by 33.14 points, or 0.86 per cent, at 3,825.97, while the Nasdaq Composite dropped 230.10 points, or 2.05 per cent, to 10,969.02 at the opening bell. REUTERS

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