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FMC plunges 33% on lower quarterly income forecast

Uber decreases after directing Q1 reservations below quotes

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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 greatest drag after the tech giant's dour cloud income and large investments into artificial intelligence disappointed financiers, while a slew of incomes contributed to the volatility.

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

"The market has some proof to suggest that there are other companies that perhaps doing it more affordable, much better, much faster, quicker," said Dave Grecsek, wiki.vst.hs-furtwangen.de managing director asteroidsathome.net in planning method and research at Aspiriant.

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

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

DeepSeek

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

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

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

Private payrolls rose by 183,000 jobs last month, compared with an estimated 150,000 increase, per financial experts polled by Reuters. The critical January nonfarm payrolls report is anticipated to be launched on Friday.

Shares of Apple reduced 1.2% as Bloomberg News reported that China's antitrust regulator was preparing for a possible investigation of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Industrial Average rose 65.83 points, or 0.15%, wiki-tb-service.com to 44,621.87, the S&P 500 lost 4.37 points, or scientific-programs.science 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 company anticipated current-quarter reservations listed below quotes.

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

Markets likewise searched for developments 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 try to pacify a new trade war in between the countries.

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

Among top movers, FMC Corp plunged 33.6% after the agrichemicals manufacturer forecast first-quarter profits below quotes.

Johnson Controls leapt 11.1% as the building services company named Joakim Weidemanis as ceo and raised its 2025 earnings forecast.

Advancing problems outnumbered 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 new 52-week highs and 12 new lows, while the Nasdaq Composite tape-recorded 81 new highs and 69 new lows.

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