Morning Report 1 Nov 24: Wall Street ends October on a sour note as tech tumbles

US sharemarkets slumped on Thursday after Microsoft and Facebook-owner Meta Platforms highlighted growing artificial intelligence costs that could affect their earnings, curbing enthusiasm for megacap stocks that have fueled the market rally this year. Shares of Meta dropped 4.1%, while Microsoft fell 6.0%, despite both companies beating earnings estimates in results. An index of chip stocks slumped 4.0%, led by an 17.5% loss in Monolithic Power Systems following its results. Nvidia lost 4.9%. Estee Lauder plunged 20.9%, its worst day on record, after the cosmetics company withdrew its 2025 annual forecasts.

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