FMC plunges 33% on lower quarterly profits projection

Uber decreases after directing Q1 reservations listed below price quotes

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Indexes: Dow up 0.15%, securityholes.science S&P 500 down 0.08%, Nasdaq down 0.34%

(Updates with afternoon prices)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

The S&P 500 and the Nasdaq slipped on Wednesday, with Alphabet the most significant drag after the tech giant’s ugly cloud revenue and hefty financial investments into synthetic intelligence dissatisfied investors, while a slew of earnings included to the volatility.

Google-parent Alphabet dropped 8.2% after posting downbeat cloud earnings development and allocating a higher-than-expected $75 billion for its AI buildout this year.

“The market has some evidence to recommend that there are other companies that potentially doing it less expensive, better, much faster, quicker,” said Dave Grecsek, managing director in preparation method and research study at Aspiriant.

“So what is the knowledge of continuing to maintain high capex?”

AI-related stocks were rocked recently following the soaring popularity of an affordable Chinese synthetic intelligence design established by start-up

DeepSeek

. Nvidia, botdb.win among the business that was the worst hit, was up 3.8% on the day.

Advanced Micro Devices, meanwhile, lost 8.9% after CEO Lisa Su said the business’s current-quarter information center sales - a proxy for its AI income - would fall about 7% from the previous quarter.

On the information front, U.S. services sector activity suddenly slowed in January in the middle of cooling demand, helping curb cost development, a reading from the Institute for Supply Management revealed.

Private payrolls increased by 183,000 tasks last month, compared with an estimated 150,000 boost, per financial experts polled by Reuters. The all-important January nonfarm payrolls report is expected to be launched on Friday.

Shares of Apple eased 1.2% as Bloomberg News reported that China’s antitrust regulator was getting ready for a possible investigation of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Industrial Average increased 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 0.08%, to 6,033.51 and the Nasdaq Composite lost 70.17 points, or 0.34%, to 19,586.61.

Eight of the 11 S&P 500 sectors traded higher, though communication services’ over 3% fall obscured gains.

Uber Technologies dropped 7.2% after the ride-hailing company anticipated current-quarter reservations below estimates.

Fiserv advanced 7.1% as the payments firm beat price quotes for fourth-quarter revenue, assisted by strong demand in its banking and payments processing system.

Markets likewise searched for developments on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no hurry to speak to Chinese President Xi Jinping to attempt to defuse a brand-new trade war between the nations.

Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, but flagged uncertainty around the impact of new tariffs, migration, regulations and other Trump administration efforts.

Among top movers, FMC Corp plunged 33.6% after the agrichemicals manufacturer projection listed below quotes.

Johnson Controls jumped 11.1% as the building services business called Joakim Weidemanis as chief executive officer and raised its 2025 revenue forecast.

Advancing problems surpassed decliners by a 2.03-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 posted 27 new 52-week highs and 12 brand-new lows, while the Nasdaq Composite recorded 81 new highs and 69 new lows.

(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru