:max_bytes(150000):strip_icc()/GettyImages-2150322608-28ce5035f7c343eaa598b8e572d3bc87.jpg "DoorDash, Datadog, Snap, and More")
:max_bytes(150000):strip_icc():format(jpeg)/GettyImages-2150322608-28ce5035f7c343eaa598b8e572d3bc87.jpg)
Key Takeaways
- Major U.S. equities indexes slid Thursday afternoon, led by tech stocks after a flurry of earnings reports and as worries about an AI bubble resurfaced.
- DoorDash shares tumbled after the delivery firm posted quarterly earnings that missed estimates and warned its costs would continue to rise.
- Datadog shares surged after the company reported better-than-expected quarterly results.
Major U.S. equities indexes slid Thursday afternoon, led by tech stocks after a flurry of earnings reports and as worries about an AI bubble resurfaced. The Dow, S&P 500, and Nasdaq all lost ground.
DoorDash (DASH) was the worst-performing stock in the S&P 500 after the food delivery firm’s earnings fell short of forecasts and it gave a weak outlook. The company warned it would continue to see expenses rise to support its investments in new products and expansion plans.
Shares of Paycom Software (PAYC) also declined after the provider of software for human resources departments missed profit estimates and reiterated its outlook, raising concerns about demand and potential growth.
Datadog (DDOG) was the best-performing stock in the S&P 500 as shares soared after the cloud data security firm reported earnings that beat forecasts and boosted its outlook as its larger customer base grew.
Shares of Snap (SNAP) took off after the operator of the Snapfish photo and video social media site posted better-than-expected quarterly results as its users grew and spent more. Snap also announced a stock buyback and an agreement that will provide Snapchat users with conversational artificial intelligence search.
Air Products and Chemicals (APD) shares jumped after the provider of gases and chemicals exceeded earnings estimates as sales rose in Europe and Asia.
Oil and gold futures dropped. The yield on the 10-year Treasury note slid. The U.S. dollar lost ground to the euro, pound, and yen. Prices for most major cryptocurrencies fell.
