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FMC plunges 33% on lower quarterly earnings forecast

Uber decreases after directing Q1 bookings listed below estimates

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

(Updates with afternoon rates)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

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

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

"The marketplace has some evidence to suggest that there are other business that potentially doing it cheaper, much better, faster, quicker," said Dave Grecsek, handling director in preparation method and research study at Aspiriant.

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

AI-related stocks were rocked recently following the soaring popularity of a low-cost Chinese synthetic intelligence design developed by startup

DeepSeek

. Nvidia, one of 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 all of a sudden slowed in January in the middle of cooling demand, helping curb cost development, a reading from the Institute for Supply Management revealed.

Private payrolls rose by 183,000 jobs last month, compared to an estimated 150,000 increase, per financial experts 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 preparing for a possible examination 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 dokuwiki.stream the Nasdaq Composite lost 70.17 points, or 0.34%, to 19,586.61.

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

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

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

Markets likewise looked for advancements on the tariffs front after U.S. President Donald Trump said on Tuesday he remained in no hurry to talk to Chinese President Xi Jinping to attempt to defuse a new trade war in between the countries.

Richmond Fed president Thomas Barkin said the Fed was still leaning towards more rate cuts this year, however flagged uncertainty around the impact of brand-new tariffs, immigration, regulations and other Trump administration initiatives.

Among top movers, FMC Corp plunged 33.6% after the agrichemicals producer projection first-quarter earnings listed below quotes.

Johnson Controls leapt 11.1% as the building services company named Joakim Weidemanis as president and raised its 2025 earnings 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 posted 27 brand-new 52-week highs and 12 new lows, while the Nasdaq Composite 81 new highs and 69 new lows.

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