Key Takeaways

• U.S. equities sank at midday Thursday after earnings reports from Microsoft and Meta Platforms disappointed investors, sending tech shares tumbling.

• Budweiser owner AB InBev posted a surprise drop in beer volumes.

• Comcast said it was considering selling off its cable networks.

U.S. equities fell at midday Thursday as disappointing results from Microsoft (MSFT) and Meta Platforms (META) sent tech shares tumbling. The Nasdaq lost 2.5%, the S&P 500 was down 1.6%, and the Dow Jones Industrial Average was off nearly 1%.

EBay (EBAY) shares fell after the online marketplace gave a soft outlook for the key holiday shopping period.

Shares of Estee Lauder (EL) plunged when the luxury beauty products maker warned about softness in the China and Asia travel markets and pulled its full-year guidance.

American depositary receipts (ADRs) of AB InBev (BUD) sank as the world's biggest beermaker posted a surprising drop in beer volumes and missed sales estimates.

Carvana (CVNA) shares soared when the online vehicle retailer blew away profit and sales estimates and raised its outlook, pointing to increasing demand for used cars.

Shares of Paycom Software (PAYC) skyrocketed after the workforce management solutions provider reported better-than-expected results and boosted its guidance as an increase in business hiring raised demand for its services.

Comcast (CMCSA) shares advanced when the company said it was considering selling off its cable networks.

Oil futures rose. Gold prices dipped. The yield on the 10-year Treasury note was little changed. The U.S. dollar was higher versus the pound, lost ground to the yen, and was little changed against the euro. Most major cryptocurrencies traded lower.