Economy / Markets
Alphabet's worst session drags the Nasdaq as investors audit AI spending
The S&P 500 lost 0.31% to 7,721.02 and the Nasdaq Composite 1.36% to 26,188.08 on Thursday, while the Russell 2000 advanced - a split that concentrated the damage in megacap technology. Alphabet fell 12.6% after a revenue miss and negative free cash flow, and the Philadelphia semiconductor index ended a four-day winning run. With 253 S&P 500 companies reported, 81% have beaten estimates and LSEG expects 31% aggregate earnings growth for the quarter.