Stocks drifted lower on Wall Street on a down day for tech stocks.
- The S&P 500 fell 8.42 points, or 0.2%, to 5,069.76 on Wednesday.
- The Dow Jones Industrial Average fell 23.39 points, or 0.1%, to 38,949.02.
- The Nasdaq composite fell 87.56 points, or 0.5%, to 15,947.74.
A 1.3% drop for Nvidia and 1.8% slump for Google's parent company, Alphabet, were two of the heaviest weights on the market, the
AP reports. They're among a small group of Big Tech stocks that have been disproportionately responsible for the S&P 500's run to records
Bumble tumbled 14.8% after it reported weaker results for the latest quarter than analysts expected. The dating and friend-making app company, which recently revamped its leadership team, also gave a forecast for revenue this upcoming year that fell short of analysts' expectations. Boston Beer, the company behind Samuel Adams, slid 15.8% after reporting a larger loss than analysts expected. It was hurt by declines for its Truly hard seltzer.Urban Outfitters dropped 12.8% after the retailer reported weaker results than expected. The company, which also runs Anthropologie stores, said sales are continuing to weaken at its Urban Outfitters locations.
Helping to limit the market's losses was eBay, which rose 7.9% after reporting stronger results than analysts expected. Axon Enterprise, the company that sells Tasers, body cameras, and other equipment, also turned in a better-than-expected profit report, and its stock jumped 13.8%. Beyond Meat surged 30.7% even though it reported much weaker results for the latest quarter than expected. Agilent Technologies gained 3.4% for one of the bigger gains in the S&P 500 after beating forecasts for both profit and revenue.
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Coinbase gained 0.8% to continue its strong run as bitcoin's price keeps rallying. Bitcoin's price briefly topped $64,000 Wednesday for the first time since 2021. It's pulling closer to its record of nearly $69,000 after rising more than 40% so far this year. Coinbase's CEO, Brian Armstrong, apologized to customers during the day for issues they encountered because the company was "dealing with a LARGE surge of traffic" as bitcoin's price soared. The company said some users may have seen a zero balance across their accounts and had errors in buying and selling. (More stock market stories.)
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