Good morning and welcome to Markets Desk.
Equities are under pressure today as a combination of rising energy costs and tech earnings anxiety weigh on sentiment. The S&P five hundred is off roughly eight tenths of a percent, with the Nasdaq one hundred leading the decline, down one point two percent, as investors reassess how much big tech is willing to spend chasing artificial intelligence infrastructure.
That spending question is hitting Tesla particularly hard. Shares are on track for their worst single-day drop in a year after an earnings call in which Elon Musk signaled the company would invest, in his words, as fast as we can. Wall Street left the call with more questions than answers, and the market responded by wiping out roughly two hundred billion dollars in market capitalization.
Not every tech name is suffering, though. ServiceNow stands out as a genuine bright spot, with shares gaining after the company posted an earnings beat and pointed to a robust artificial intelligence pipeline that gave software investors something to feel good about. Meanwhile, Google Cloud chief Thomas Kurian told CNBC that existing customers are already spending roughly fifty percent above their prior commitments, suggesting enterprise cloud demand remains firmly intact even as the broader sector wobbles.
That's the tape. Markets Desk, signing off the floor.
