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<ul class="summary-list"><li>Stocks tumbled sharply on Thursday, dragged down by tech. </li><li>Microsoft and Meta stock dropped on renewed concerns over AI spending. </li></ul>US stocks fell sharply on Thursday, with the tech-heavy Nasdaq sliding almost 3% as Meta and Microsoft faced steep losses.The tech sell-off was sparked by the latest earnings from mega-cap firms that mostly exceeded estimates but disappointed investors in other areas and exacerbated concerns about heavy investment in artificial intelligence. The S&amp;P 500 dropped almost 2% while the Dow Jones Industrial Average lost more than 370 points. Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,705.37, down 1.86% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,763.19, down 0.9% (-378.35 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,095.15, down 2.76%</li></ul>Much of the disappointment came down to the tech giants' guidance. Microsoft said it expects the current quarter's revenue to come in between $68.1 billion and $69.1 billion, while analysts polled by FactSet had expected $69.89 billion. The company attributed the slowdown partially to its investment in cloud computing capacity for AI demand.Microsoft's stock fell 6% to close at $406.35. Meta, meanwhile, said it expects a ramp up in capital expenditures in the next year as it continues to spend on AI, and raised its capex forecast for this year to a range of $38 billion to $40 billion, from $37 billion to $40 billion.Analysts from UBS, though, remain positive that the increased spend will deliver."While Meta continues to signal a significant increase in CapEx for 2025, the results also highlighted multiple offsets to illustrate what the investments will start to bring - as we have been calling out previously, the easiest item to observe is the absolute step up in revenue dollar growth in 2024 which stands at ~$28B currently and nearly matching the Pandemic-driven acceleration from 2021 of ~$29B," the analysts wrote in a Thursday note.Meta's shares lost 4% to close at %567.68. Also on Thursday, investors digested the Federal Reserve's preferred inflation gauge. The personal consumption expenditures index cooled to 2.1% year over year in September from 2.2% in August, but the core index—which excludes volatile food and energy prices—came in higher than forecasts at 2.7%.Jobless claims, meanwhile, fell by more than expected to 216,000 last week, a fall of 12,000 from the week prior. Economists had expected 230,000 claims.Here's what else is going on:<ul><li>3 reasons why surging gold prices will <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/gold-price-record-outlook-3-reasons-continued-rally-goldman-sachs-2024-10">climb another 8%</a> by the end of 2025, according to Goldman Sachs.</li><li>AI hype is a <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-prediction-ai-artificial-intelligence-bubble-jeremy-grantham-2024-10?_gl=1*jsb4bv*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDQwMDU1MC4zNDQuMS4xNzMwNDAxMDQ5LjIuMC4w">bubble set to burst</a> as it follows the path of tech manias throughout history, legendary investor Jeremy Grantham says.</li><li>Coinbase CEO says next Congress will be the <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/election-crypto-political-funding-pac-coinbase-ceo-trump-harris-congress-2024-10?_gl=1*1rwo0ws*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDQwMDU1MC4zNDQuMS4xNzMwNDAxMDcwLjQzLjAuMA..">"most pro-crypto" ever</a> and pledges another $25 million in political funding.</li><li>Microstrategy is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/microstrategy-bitcoin-michael-saylor-crypto-btc-record-high-mstr-2024-10?_gl=1*iiycnz*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMDQwMDU1MC4zNDQuMS4xNzMwNDAxMDk5LjE0LjAuMA..">raising $42 billion</a> — almost its entire market value — to buy more bitcoin.</li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures were up. <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> rose 2.8% to $70.53 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, climbed 0.8% to $73.17 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose slipped 1.6% to $2,756 an ounce.</li><li>The 10-year Treasury was about flat at 4.278%.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> traded around $70,000. </li></ul>

Stock market today: Microsoft, Meta drag tech stocks lower on concerns over AI spending

<ul class="summary-list"><li>US stocks edged lower on Wednesday as investors continued to adjust their outlook for Fed rate cuts.</li><li>Investors see a 69% chance the Fed will cut rates two more times in 2024. </li></ul>US stocks slumped on Wednesday as investors tempered their expectations for rate cuts, sending bond yields higher. Major indexes slipped in early-morning trading, while Treasury yields moved up. The 10-year Treasury bond yield rose three basis points to 4.242%, its highest level in about three months. The bond market has been <a target="_blank" class="" href="https://markets.businessinsider.com/news/bonds/treasury-yields-bonds-interest-rates-economy-inflation-election-labor-market-2024-10">caught in a sell-off this week</a> as traders adjust their views on the path of monetary policy amid hot economic data, the potential for a Trump victory next month, and cautious guidance from Fed officials this week. Investors are pricing in a 69% chance the Fed is still on track to cut rates two more times this year, but odds for a rate cut in January have fallen to 45%, down from 66% a week ago, according to the <a target="_blank" class="" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>.Investors, meanwhile, are keeping an eye on coming corporate earnings reports. Boeing shares slid more than 2% early Wednesday after the aerospace firm reported a loss of over $6 billion last quarter. Tesla shares also dipped slightly lower as investors readied for Elon Musk's car company to r<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/tesla-q3-earnings-preview-wall-street-auto-margins-robotaxi-2024-10?_gl=1*bbcxw6*_ga*MTgwNjk2NzI1OC4xNzIwNDY0ODMz*_ga_E21CV80ZCZ*MTcyOTY4ODYyMy4yNzEuMS4xNzI5Njg4ODcxLjM2LjAuMA..">eport earnings after the closing bell</a>.Earnings season has been off to a strong start so far. 79% of S&amp;P 500 companies that have already reported financials have <a target="_blank" class="" href="https://insight.factset.com/sp-500-earnings-season-update-october-18-2024">beaten earnings estimates</a>, according to a FactSet analysis last Friday."The bar for third-quarter earnings is low, with analysts currently expecting only about a 3% increase in S&amp;P 500 earnings per share (EPS). That low bar and a supportive economic environment points to potential upside," LPL Financial wrote in a note.MacDonald's stock dropped 6% after the Centers for Disease Control and Prevention said an outbreak of <a target="_blank" class="" href="https://www.businessinsider.com/mcdonalds-e-coli-outbreak-tied-quarter-pounders-2024-10">E. Coli linked to the fast food chain's quarter pounders</a> led to one death and 10 hospitalizations. Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,831.32, down 0.34% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,666.37, down 0.62% (-262.74 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,477.25, down 0.52%</li></ul>Here's what else is going on:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/paul-tudor-jones-gold-crypto-bitcoin-election-inflation-debt-crisis-2024-10">Legendary investor Paul Tudor Jones</a> says he's buying gold and bitcoin prior to the November election.</li><li>A<a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-anti-china-stocks-semiconductors-export-controls-tariffs-trade-10"> Trump win could fuel a long-term buying opportunity</a> in Chinese stocks, according to one stock chief.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil dipped 1% to $71.03 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 1.01% to $75.27 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> slid 0.59% to $2,732.47 an ounce.</li><li>The 10-year Treasury yield ticked higher three basis points to 4.242%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> edged lower to $66,785.</li></ul>

Stock market today: US stocks drop and bond yields climb as investors temper expectations for rate cuts

<ul class="summary-list"><li>The Dow and the S&amp;P 500 hit all-time highs Thursday as US stocks hit a six-week win streak. </li><li>Strong third-quarter earnings from Netflix and Intuitive Surgical led to massive 10%+ stock gains.</li></ul>US stocks jumped to record highs on Friday and the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/index/dow_jones">Dow Jones Industrial Average</a> notched a six-week win streak as investors digested solid third-quarter earnings results.The Dow and the S&amp;P 500 both closed at all-time highs. Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/nflx-stock">Netflix</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/isrg-stock">Intuitive Surgical</a> soared more than 10% to record highs after their <a target="_blank" class="" href="https://www.businessinsider.com/netflix-profit-cash-burn-debt-turnaround-2024-10">third-quarter earnings bested analyst's profit and revenue estimates.</a>With 13% of S&amp;P 500 companies having already reported third-quarter earnings, 82% are beating profit estimates by a median of 6%, while 67% are beating revenue estimates by a median of 2%, according to data from Fundstrat.The blended earnings growth rate for the S&amp;P 500 is 3.4% based on the companies that have already reported, according to data from FactSet. If this growth rate holds through earnings season, it would represent the 5th straight quarter of year-over-year earnings growth.Earnings season will be in full swing next week, with investors awaiting results from more than 80 S&amp;P 500 companies, including <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ko-stock">Coca-Cola</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/txn-stock">Texas Instruments</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/tsla-stock">Tesla</a>, and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/ups-stock">UPS</a>, among others.Next week, on the economic data front, investors will monitor the release of September's US leading economic indicators index, data on existing home sales, and consumer sentiment.Here's where US indexes stood at the 4:00 p.m. closing bell on Friday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,864.68, up 0.4% </li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 43,275.91, up 0.09% (+36.86 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,489.55, up 0.63% </li></ul>Here's what else happened today:<ul><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-upside-growth-ai-chips-demand-bofa-2024-10">Nvidia has another 38% upside amid a 'generational opportunity' in AI, Bank of America said.</a></li><li><a target="_blank" class="" href="https://www.businessinsider.com/trump-election-odds-polymarket-whale-kamala-harris-polls-betting-markets-2024-10">A $30 million whale on Polymarket could be skewing the betting odds on a Trump win in November.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/bitcoin-price-soars-crypto-president-donald-trumps-election-betting-odds-2024-10">Bitcoin is on a tear as 'crypto president' Donald Trump's betting-market odds climb.</a></li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stanley-druckenmiller-nvidia-stock-price-why-sell-nvda-ai-infrastructure-2024-10">Billionaire investor Stanley Druckenmiller said he regrets selling his entire stake in Nvidia and is looking to buy it back.</a></li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil was down 1.67% to $68.92 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, was lower by 1.56% to $73.29 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.98% to $2,734.10 an ounce.</li><li>The 10-year Treasury yield was lower by 2 basis points at 4.077%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> was higher by 1.81% to $68,627.</li></ul>

Stock market today: US stocks close at records and notch 6-week win streak amid solid earnings

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Stock market today: Microsoft, Meta drag tech stocks lower on concerns over AI spending

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