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FMC plunges 33% on lower quarterly earnings forecast

Uber decreases after guiding Q1 bookings below estimates

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Indexes: Dow up 0.15%, S&P 500 down 0.08%, Nasdaq down 0.34%

(Updates with afternoon prices)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

The S&P 500 and the Nasdaq slipped on Wednesday, with Alphabet the most significant drag after the tech giant's ugly cloud income and significant financial investments into expert system dissatisfied financiers, while a slew of earnings contributed to the volatility.

Google-parent Alphabet dropped 8.2% after posting downbeat cloud revenue development and earmarking a higher-than-expected $75 billion for its AI buildout this year.

"The market has some evidence to suggest that there are other companies that possibly doing it more affordable, better, faster, quicker," said Dave Grecsek, handling director in preparation strategy and research study at Aspiriant.

"So what is the knowledge of continuing to maintain high capex?"

AI-related stocks were rocked last week following the skyrocketing appeal of an inexpensive Chinese artificial intelligence model developed by startup

DeepSeek

. Nvidia, among the companies that was the worst hit, was up 3.8% on the day.

Advanced Micro Devices, on the other hand, lost 8.9% after CEO Lisa Su said the company's current-quarter data center sales - a proxy for its AI earnings - would fall about 7% from the previous quarter.

On the data front, U.S. services sector activity unexpectedly slowed in January in the middle of cooling demand, helping curb price development, a reading from the Institute for Supply Management showed.

Private payrolls increased by 183,000 tasks last month, compared with an estimated 150,000 increase, per economists surveyed by Reuters. The necessary January nonfarm payrolls report is expected to be released on Friday.

Shares of Apple reduced 1.2% as Bloomberg News reported that China's antitrust regulator was getting ready for forum.kepri.bawaslu.go.id a possible investigation of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Industrial Average increased 65.83 points, or 0.15%, to 44,621.87, the S&P 500 lost 4.37 points, or 0.08%, to 6,033.51 and the Nasdaq Composite lost 70.17 points, or 0.34%, to 19,586.61.

Eight of the 11 S&P 500 sectors traded greater, though interaction services' over 3% fall obscured gains.

Uber Technologies dropped 7.2% after the ride-hailing business anticipated current-quarter reservations below estimates.

Fiserv advanced 7.1% as the payments company beat price quotes for fourth-quarter earnings, helped by strong need in its banking and payments processing unit.

Markets also tried to find advancements on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no rush to speak to Chinese President Xi Jinping to try to defuse a new trade war in between the nations.

Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, however flagged uncertainty around the effect of new tariffs, utahsyardsale.com immigration, policies and other Trump administration efforts.

Among top movers, FMC Corp plunged 33.6% after the agrichemicals producer forecast first-quarter income below estimates.

Johnson Controls jumped 11.1% as the options business called Joakim Weidemanis as president and raised its 2025 revenue forecast.

Advancing problems surpassed decliners by a 2.03-to-1 ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 published 27 brand-new 52-week highs and setiathome.berkeley.edu 12 brand-new lows, while the Nasdaq Composite recorded 81 brand-new highs and 69 brand-new lows.

(Reporting by Shashwat Chauhan and Sukriti Gupta in Bengaluru; Editing by Pooja Desai, Devika Syamnath and Maju Samuel)