Stocks Fall as Tech Giants Falter on Earnings, Rising Rates
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The S&P 500 dropped 1.4% on Wednesday, driven lower by Alphabet's earnings miss and rising interest rates weighing on tech stocks.
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Alphabet shares plunged over 9% after the company's cloud revenue fell short of expectations.
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Microsoft was a bright spot, with its cloud and AI products lifting shares over 3%.
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Higher Treasury yields dragged the broader market down, sending the Nasdaq to an 8-month low.
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Defensive sectors like waste management outperformed, while real estate and biotech lagged on growth concerns.
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