GitLab

FMC plunges 33% on lower quarterly revenue projection

Uber decreases after directing Q1 reservations below quotes

*

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 most significant drag after the tech giant's dour cloud revenue and hefty financial investments into expert system dissatisfied investors, while a slew of incomes included to the volatility.

Google-parent Alphabet dropped 8.2% after publishing downbeat cloud profits development and earmarking a higher-than-expected $75 billion for wiki.dulovic.tech its AI buildout this year.

"The market has some evidence to suggest that there are other business that potentially doing it cheaper, much better, quicker, quicker," said Dave Grecsek, managing director in planning technique and valetinowiki.racing research at Aspiriant.

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

AI-related stocks were rocked last week following the skyrocketing popularity of an inexpensive Chinese expert system model developed by startup

DeepSeek

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

Advanced Micro Devices, on the other hand, lost 8.9% after CEO Lisa Su said the company's current-quarter data center sales - a proxy for wiki.snooze-hotelsoftware.de its AI earnings - would fall about 7% from the previous quarter.

On the information front, U.S. services sector activity unexpectedly slowed in January amid cooling need, assisting curb cost development, 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 surveyed by Reuters. The critical January nonfarm payrolls report is expected to be launched on Friday.

Shares of Apple eased 1.2% as Bloomberg News reported that China's antitrust regulator was getting ready for annunciogratis.net a possible examination of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Average increased 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 0.08%, botdb.win 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 forecast current-quarter bookings listed below quotes.

Fiserv advanced 7.1% as the payments company beat quotes for fourth-quarter profit, helped by strong need in its banking and payments processing system.

Markets also tried to find developments on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no hurry to speak with Chinese President Xi Jinping to attempt to pacify a new trade war in between the nations.

Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, however flagged uncertainty around the impact of new tariffs, migration, policies and other Trump administration efforts.

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

Johnson Controls leapt 11.1% as the building solutions company named Joakim Weidemanis as primary executive officer and raised its 2025 earnings projection.

Advancing concerns outnumbered decliners by a 2.03-to-1 ratio on the NYSE and setiathome.berkeley.edu by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 posted 27 brand-new 52-week highs and 12 brand-new lows, while the Nasdaq Composite taped 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)