Nasdaq falls 2.4%, S&P 500 falls 1.6% as tech earnings disappoint; GIFT Nifty down

Global Markets Outlook

The US markets plummeted on July 24 after tech giants Tesla and Alphabet reported lacklustre quarterly earnings. Investors are now concerned about the sustenance of the big tech and AI rally. At 8:45pm IST, the S&P 500 tumbled 1.6 percent to 5,465 and the Nasdaq Composite faced a massive 2.45 percent decline to 17,555. The Dow Jones Industrial Average also fell nearly a percent to 39,991.

Tesla saw a whopping 12 percent decline to $217 after the company reported a 7 percent year-on-year decline in automotive revenue for the June quarter. Google’s Alphabet fell nearly 4 percent to $176 owing to slower advertising growth and high capital expenses reported for this year.

The GIFT Nifty traded 0.37 percent lower at 24,324 after the negative run of the Indian markets earlier during the day.

Indian indices continued to edge lower amid post budget blues. Nifty ended 0.27 percent lower at 24,413.50 and the Sensex was down 0.35 percent at 80,148.88.

DIIs net purchased Rs 3,137.30 crore in Indian equities and the FIIs/FPIs massively net sold Rs 5,130.90 crore.

The European indices also declined owing to weak global cues. FTSE edged 0.19 percent lower to 8,152.16 and the CAC tumbled over a percent to 7,514.26. The DAX also fell nearly a percent to 18,385.96.

Earlier during the day, the Asian indices extended their losses. Nikkei dragged 1.11 percent to 39,154.85 and the Hang Seng was down nearly a percent at 17,311.

Crude broke away from its two-day bearish streak and edged nearly a percent higher to $77.70. Brent also gained 0.8 percent to $81.66.