NEW YORK, 29, 2026 (Net) – Shares of Google parent Alphabet plunged early Thursday, weighing on major indices as lackluster results from the tech giant offset solid US economic growth figures.
Google’s parent fell nearly 13 percent after it reported lower-than-expected profit and a slowdown in its advertising business while it maintained big spending on artificial intelligence.
Alphabet’s report was countered by third-quarter US economic growth of 3.4 percent, better than the 3.0 percent expected by analysts and reflecting strong consumer spending.
About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2 percent at 52,346.66.
The broad-based S&P 500 shed 0.4 percent to 7,711.73, while the tech-rich Nasdaq Composite Index dropped 1.5 percent to 26,149.27.
“The macro numbers definitely helped” to limit the decline in stocks, said Adam Sarhan of 50 Park Investments.
“Overall, the market’s happy with this report. It shows the economy continues to grow, and it shows us that investors are still optimistic about the future.”
Among other companies reporting results, Microsoft edged up 0.2 percent and Ford climbed 1.6 percent, while Caterpillar slumped 8.6 percent.
