According to Blockworks, U.S. stocks rose in early trading on Friday, recovering some of the losses on Thursday, when the Nasdaq Composite and S&P 500 fell 1.8% and 1.2%, respectively.
Technology stocks led the decline as Meta and Microsoft reported disappointing earnings forecasts. Although both companies beat expectations on some earnings metrics, their shares still fell. Microsoft expects fourth-quarter revenue of $68.1 billion to $69.1 billion, below Wall Street's expectations of $69.83 billion.
Meta expects capital expenditures of $38 billion to $40 billion in 2024, higher than the range reported last quarter, and predicts a significant increase in AI-related infrastructure expenses in 2025.