Microsoft's Not the Only Stock Pulling the Nasdaq Lower
January has been great for the Nasdaq Composite (NASDAQINDEX: ^IXIC), as the index has mounted a solid recovery to claw back some of its lost ground from 2022. However, investors can't expect the Nasdaq to rise every day, and stock index futures suggested that Wednesday might be a tough day for the Nasdaq, falling 1.35% in premarket trading.
Most market participants had their attention squarely on Microsoft (NASDAQ: MSFT), which reported its latest financial results late Tuesday and disappointed some investors with its outlook on the cloud computing side of its business. However, Microsoft wasn't the only stock that weighed on the Nasdaq's prospects, as robotic surgical equipment specialist Intuitive Surgical (NASDAQ: ISRG) saw its stock fall even more sharply. Here's why investors are worried enough to pull the entire Nasdaq lower Wednesday morning.
Microsoft's forecast spooks investors
Shares of Microsoft were down roughly 3% in premarket trading Wednesday morning. The software giant reported its fiscal second-quarter results for the period ending Dec. 31, 2022, and the numbers reflected the weakness in the broader economy as well as some reluctance among tech customers to spend as much as they have in recent years.
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