NEW YORK — Drops in big technology companies including Microsoft and Facebook parent Meta Platforms led Wall Street lower Oct. 31. The S&P 500 fell 1.
9 percent Thursday, its worst day in eight weeks. The Dow Jones Industrial Average dropped 0.9 percent, and the Nasdaq composite tumbled 2.
8 percent. While both Microsoft and Meta delivered better profits than forecast for the latest quarter, investors were expecting even more from them. Other influential "Big Tech" stocks also fell and were among the market's heaviest weights, including Nvidia, Amazon and Apple.
Treasury yields wavered in the bond market following some mixed reports on the economy. The tech tumble on the last day of October helped to wipe out the S&P 500's gain for the month. Still, Thursday wasn't a complete washout on Wall Street thanks in part to cruise ships and cigarettes.
Norwegian Cruise Line Holding steamed 7.2 percent higher after delivering a bigger profit than analysts expected and reporting strong demand from customers across its brands. Altria Group rose 8.
4 percent after it also beat forecasts. CEO Billy Gifford credited resilience for its Marlboro brand and announced a cost-cutting program. SAN FRANCISCO — Apple snapped out of a recent iPhone sales slump during its summertime quarter, an early sign its recent efforts to revive demand for its marquee product with an infusion of artificial intelligence are paying off.
Sales of the ubiquitous device totaled $46.2 billion for the July-September p.