What caused the Nasdaq drop amid the tech selloff?
Here's your Closing Bell Brief for Thursday, January 29th. I'm Katherine Sullivan for The Wall Street Journal. U.S. stocks finished the day with mixed results today. The Nasdaq fell more than 1% in trading following a tech sell-off, before bouncing back slightly to close down 0.7%. The S&P 500 was down a tenth, while the Dow was up a tenth. Gold prices finished up 0.3% at a new record.
Oil prices also rose as the United States weighed new strikes on Iran. Among individual companies, Microsoft shares dropped 10% after the company reported higher spending on artificial intelligence and slower growth for its cloud business. Southwest Airlines stock jumped nearly 19% following a strong profit forecast. The carrier expects earnings to surge due to new seat assignments.
Investors also welcome to shift toward more premium offerings.
Royal Caribbean shares surged almost 19% after its quarterly report. The cruise operator beat analyst estimates for both adjusted earnings and future guidance. Stronger spending by passengers on board its ships drove the growth.
And Las Vegas Sands shares fell 14%. The casino company reported quarterly earnings that were higher than expected. However, the stock struggled on weak results in the gambling hub of Macau. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor.
We'll have a lot more coverage of the day's news on the WSJ's What's News podcast. You can add it to your playlist on your smart speaker or listen and subscribe wherever you get your podcasts.
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