"Corporate earnings and forecasts have been the big focus all week. The latest round of results and statements from executives could help shed some light on the condition and path ahead for the economy amid a lack of broader information on inflation, employment and retail sales because of the ongoing government shutdown. DoorDash sank 15.2% for one of the sharpest drops on Wall Street. The food delivery app warned investors that it will be spending significantly more on product development next year."
"Software company Datadog jumped 20.1% after its latest earnings beat analysts' forecasts. Rockwell Automation rose 3.9% after turning in results that easily beat analysts' forecasts. It has been a wobbly week for major indexes, which set record highs last week. The broader stock market has had a record-setting year, but that has raised worries that stocks could be overvalued. Those concerns are even more focused on big technology companies that have been leading the market higher amid the focus on artificial intelligence advancements."
Major U.S. stock indexes declined, with the S&P 500 down about 1.1%, the Dow off roughly 421 points, and the Nasdaq falling 1.8%. Technology stocks were the heaviest weights, including declines for Nvidia, Microsoft and Amazon. Corporate earnings and forecasts drove market focus as executives' results provided data amid missing government economic releases because of the ongoing shutdown. DoorDash plunged after warning of higher product-development spending, while Datadog and Rockwell Automation rose after beating forecasts. Markets remain sensitive after recent record highs, with concerns about overvaluation concentrated in large tech firms linked to AI enthusiasm.
Read at Fortune
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