Microsoft Rout Weighs on the Broader Market

The S&P 500 Index ($SPX) (SPY) on Thursday closed down -0.13%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +0.11%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.53%.  March E-mini S&P futures (ESH26) fell -0.20%, and March E-mini Nasdaq futures (NQH26) fell -0.57%.

Stock indexes settled mostly lower on Thursday, with the S&P 500 and Dow Jones Industrial Average falling to 1-week lows.   AI spending worries weighed on stocks on Thursday, as Microsoft sank -10% after reporting underwhelming growth in its cloud business and higher-than-expected expenses. The rout in Microsoft undercut most Magnificent Seven technology stocks, sans Meta Platforms and Apple, and weighed on the broader market.