FMC plunges 33% on lower quarterly earnings forecast

Uber decreases after guiding Q1 reservations below estimates

*

Indexes: Dow up 0.15%, S&P 500 down 0.08%, Nasdaq down 0.34%

(Updates with afternoon costs)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

The S&P 500 and the Nasdaq slipped on Wednesday, with Alphabet the biggest drag after the tech giant’s dour cloud revenue and substantial investments into artificial intelligence dissatisfied financiers, while a multitude of earnings added to the volatility.

Google-parent Alphabet dropped 8.2% after posting downbeat cloud income growth and earmarking a higher-than-expected $75 billion for its AI buildout this year.

“The marketplace has some proof to recommend that there are other business that possibly doing it cheaper, much better, quicker, quicker,” said Dave Grecsek, handling director in planning method and research at Aspiriant.

“So what is the knowledge of continuing to maintain high capex?”

AI-related stocks were rocked recently following the soaring appeal of an affordable Chinese expert system design established by startup

DeepSeek

. Nvidia, one of the companies that was the worst hit, lovewiki.faith was up 3.8% on the day.

Advanced Micro Devices, meanwhile, lost 8.9% after CEO Lisa Su said the business’s current-quarter information center sales - a proxy for its AI income - would fall about 7% from the previous quarter.

On the data front, U.S. services sector activity unexpectedly slowed in January in the middle of cooling demand, assisting curb cost development, a reading from the Institute for Supply Management showed.

Private payrolls rose by 183,000 tasks last month, compared to an estimated 150,000 increase, per financial experts polled by Reuters. The critical January nonfarm payrolls report is anticipated to be launched on Friday.

Shares of Apple eased 1.2% as Bloomberg News reported that China’s antitrust regulator was getting ready for a possible examination of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Industrial Average increased 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 0.08%, to 6,033.51 and the Nasdaq Composite lost 70.17 points, or suvenir51.ru 0.34%, to 19,586.61.

Eight of the 11 S&P 500 sectors traded greater, though interaction services’ over 3% fall obscured gains.

Uber Technologies dropped 7.2% after the ride-hailing business forecast current-quarter reservations listed below price quotes.

Fiserv advanced 7.1% as the payments company beat price quotes for fourth-quarter profit, helped by strong demand in its banking and payments processing system.

Markets also searched for developments on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no rush to speak with Chinese President Xi Jinping to try to defuse a brand-new trade war between the countries.

Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, however flagged uncertainty around the impact of new tariffs, immigration, policies and other Trump administration initiatives.

Among top movers, FMC Corp plunged 33.6% after the agrichemicals manufacturer projection listed below estimates.

Johnson Controls jumped 11.1% as the building services business called Joakim Weidemanis as ceo and raised its 2025 revenue projection.

Advancing concerns surpassed decliners by a 2.03-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 published 27 new 52-week highs and 12 brand-new lows, while the Nasdaq Composite taped 81 new highs and 69 brand-new lows.

(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru