U.S. stock indexes closed lower on Wednesday as chip stocks tumbled and investors awaited a host of corporate earnings. That set the tone for Canada, where the domestic benchmark stock index suffered its seventh decline in eight trading days since notching a record closing high.
Microsoft and Meta Platforms reported earnings after the bell, with both beating quarterly revenue estimates. However, Meta shares were down modestly in post market trading as user numbers were softer-than-expected and it warned of a significant acceleration in its infrastructure expenses next year.
Shares of Alphabet, the first of the five “Magnificent Seven” megacap stocks that reported results this week, rose 2.8% in regular trading after the company late Tuesday beat expectations for third-quarter revenue and profit.
Alphabet helped to offset falling chip stocks, weighed by dour forecasts from Advanced Micro Devices and Qorvo , which fell 10.6% and…
