Market Reaction to Tech Earnings

As the trading day commenced on Wall Street, a wave of disappointment swept through the markets following the release of lukewarm earnings reports from major tech companies. Alphabet's Google cloud revenue, though substantial at $11.9 billion in the fourth quarter of fiscal 2024, showed signs of slowing growth. Similarly, AMD faced a 28% annual drop in net income, landing at $482 million.

Trade Deficit and Market Indices

Adding to the market's concerns, the US trade deficit expanded in December 2024. This economic backdrop set the stage for a mostly lower opening across major indices. The Nasdaq 100 notably tumbled by 0.54%, with AMD's shares plunging 10.17% shortly after the opening bell. The S&P 500 wasn't spared, shedding 0.22%, as FMC's stock experienced a dramatic 33.58% drop.

Currency Movements

In currency markets, the euro made gains against the dollar, appreciating by 0.32% to 1.04197 at 9:29 am ET, signaling a shift in investor sentiment amidst the unfolding market dynamics.