Market Reacts to Tech Earnings Reports

On Wednesday, Wall Street experienced a mostly lower opening as the latest earnings reports from major tech companies, including Alphabet and AMD, did not meet market expectations. 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 decrease in net income, dropping to $482 million.

Trade Deficit and Market Performance

Adding to the market's concerns, the US trade deficit expanded in December 2024. The Dow Jones remained flat at the opening bell, while the Nasdaq 100 and S&P 500 saw declines, with the Nasdaq 100 dropping 0.54% and the S&P 500 shedding 0.22%. Notably, AMD's shares plummeted by 10.17%, and FMC's shares nosedived by 33.58% shortly after the market opened.

Currency Movements

In currency markets, the euro gained 0.32% against the dollar, trading at 1.04197 at 9:29 am ET.