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US stock market report: Tech sell-off continues, Microsoft smashes expectations

The Nasdaq constituents, including big tech names, dragged US markets lower ahead of a massive week for earnings reports, falling 1.2%.

The S&P 500 and Dow Jones fell 0.5% and 0.2%, respectively, as investors get set to learn how the most popular companies are performing.

Alphabet (NASDAQ: GOOGL) was the worst performer, down 2%, along with Amazon (NASDAQ: AMZN) down 1.9% with Microsoft (NASDAQ: MSFT) comparatively stronger, weakening by 0.9%.

Microsoft & UPS report

Microsoft released its earnings report after the market closed, delivering another record-breaking year with profit exceeding US$60 billion on the back of US$165 billion in revenue, marking a near 30% increase in earnings for the final quarter.

Every segment delivered better growth than expected, with cloud software up to US$14.6 billion, a 50% increase on the previous quarter.

The Azure platform continues to deliver as companies are forced online as the pandemic entered a second year, growing 51%. Another incredible year for just the second US$2 trillion company in history.

United Parcel Service (NYSE: UPS) struggled in comparison, falling 7%, as revenue rose 14.5% globally but just 10% in the US.

Other big tech names in Alphabet and Apple (NASDAQ: AAPL) will be on watch tomorrow after both tech giants released respective earnings reports after hours.

US stock market movers

Here’s how other popular US stocks performed overnight.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to follow US benchmarks lower when the market opens on Wednesday. For all the latest, check out Rask Media’s ASX 200 morning report.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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At the time of publishing, the author of this article does not have a financial or commercial interest in any of the companies mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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