Economy / Markets
Alphabet's miss cools the AI trade and drags Nasdaq futures lower
US equity futures fell before Thursday's open after Alphabet dropped about 10% in extended trading on weaker-than-expected revenue across most core businesses, reviving doubts about the returns on AI spending. Nasdaq 100 futures lost more than 1% and S&P 500 futures 0.5%, while Microsoft rose nearly 3%. Wednesday's cash session had closed higher, with the Dow up 0.19%, the S&P 500 0.28% and the Nasdaq Composite 0.27%.