The S&P 500 is down 0.5%, or by 33 points. The SPDR S&P 500 ETF (SPY) is down 0.36%, or by $2.32. The Dow is down 0.45%, or by 208 points. The Nasdaq is down 0.73%, or by 173 points.
Alphabet said on Wednesday it was targeting capital expenditure of $175 billion to $185 billion this year, in yet another aggressive ramp-up in spending from the Google parent as it deepens its investments to push ahead in the AI race. Analysts on average had expected Alphabet to spend about $115.26 billion this year, according to data compiled by LSEG. Shares of the company fell more than 6% in extended trading.