Tech Earnings Fall Short, Impacting Market Open

On Wednesday, the U.S. stock market opened mostly lower, influenced by less-than-stellar earnings reports from tech giants. Alphabet's Google cloud revenue for the fourth quarter of fiscal 2024 reached $11.9 billion, showing a slower growth rate compared to the previous quarter. Meanwhile, AMD reported a 28% annual decline in net income to $482 million.

Market Movements and Currency Fluctuations

The Dow Jones remained flat at the opening, while the Nasdaq 100 fell by 0.54%, with AMD's shares dropping over 10% in early trading. The S&P 500 also saw a decrease of 0.22%. In currency markets, the euro strengthened against the dollar, rising 0.32% to 1.04197 at 9:29 am ET.

Trade Deficit Concerns

Adding to the market's concerns, the U.S. trade deficit expanded in December 2024, further impacting investor sentiment and contributing to the day's market dynamics.