Morning Report 31 Jul 24: S&P 500 and Nasdaq stumbles on caution ahead of tech earnings

US sharemarkets were mixed on Tuesday. The S&P 500 and Nasdaq indexes were both weighed down by weak chip and megacap shares. Microsoft fell by 0.9% ahead of its quarterly results due after the closing bell. Chipmaker Nvidia tumbled 7%, dragging the Philadelphia semiconductor index down 3.9%.  CrowdStrike shed 9.7% after a report that Delta Air Lines sought compensation from the cybersecurity firm and Microsoft for the global cyber outage earlier this month. Merck plunged 9.8% after the drugmaker cut its annual profit forecast. Procter & Gamble tumbled 4.8% after missing fourth quarter sales expectations. But the Dow Jones index managed modest gains with Goldman Sachs up 2.6%. Cybersecurity and cloud services company F5 surged 13% after forecasting fourth quarter results above estimates.

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