US stocks slide as Google parent's revenue miss revives AI spending jitters

US equities ended lower on Thursday as investors weighed corporate earnings, inflation readings and the Federal Reserve’s decision to leave interest rates unchanged. The Nasdaq fell 1.66 per cent to 26,108.35, the S&P 500 declined 0.63 per cent to 7,695.25, and the Dow lost 0.59 per cent to 52,163.07, Dawn reported.

Alphabet’s quarterly revenue fell short of expectations, while its faster AI-related cash spending added to investor concerns; its shares dropped 13.2 per cent. Technology and communication services were the weakest S&P 500 sectors, and semiconductor stocks declined 2.0 per cent, while the small-cap Russell 2000 rose 0.8 per cent. US third-quarter economic growth was faster than expected, but price pressures continued to build; 81 per cent of the 253 S&P 500 companies reporting had exceeded analyst earnings expectations, according to LSEG.