Microsoft, Alphabet Drive $295 Billion Megacap Selloff

BY - Akkas Molla

"Bloomberg" Alphabet (NASDAQ:GOOGL) and Microsoft Corp. (NASDAQ:MSFT) reported poor quarterly results on Wednesday, wiping $295 billion in market value off the top US corporations.

On Tuesday, the Google parent said it will restrict recruiting and cut costs as the economy weakens, while Microsoft issued a disappointing Azure sales projection.

During premarket trading, both equities fell by almost 6%.

"Expenses are being lowered," Mirabaud Securities analyst Neil Campling said. "

Tech knows margin resiliency is the goal and speculative dollar expenditure on new initiatives is done.

"In early trade Wednesday, Nasdaq 100 Index futures fell 1.6% as the findings reminded investors of the Fed's quick interest-rate rises' impact to profits and the economy.

This year, the tech gauge has fallen more than 28%, putting it on pace to have its worst year since 2008.

Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), Nvidia (NVDA), Tesla (NASDAQ:TSLA), and Apple Inc. (NASDAQ:AAPL).fell between 3.9% and 0.7%.

The parent company of Facebook is expected to release its profits this afternoon.

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