GLOBAL MARKETS-Global shares slip as Microsoft tumbles, oil jumps on Iran attack worry

Global shares slipped on Thursday and were on track to snap ‌a six-session streak of gains, weighed down by a sharp drop for Microsoft after its quarterly results, while oil prices jumped on U.S.-Iran tensions.

Global shares slipped on Thursday and were on track to snap ‌a six-session streak of gains, weighed down by a sharp drop for Microsoft after its quarterly results, while oil prices jumped on U.S.-Iran tensions. On Wall Street, U.S. stocks were lower in the early stages of trading, dragged lower ⁠by a drop of more than 11% in Microsoft shares, putting the company on track for its biggest daily percentage drop since March 2020 with investors unnerved by record spending on artificial intelligence last quarter. That overshadowed a gain of more than 8% in Meta Platforms after its quarterly results and illustrated how investors ​are willing to forgive massive AI spending as long as it is accompanied by strong growth. Fellow "Magnificent Seven" member Tesla dipped nearly 2% after reporting ‍earnings while Apple is scheduled to post results after the closing bell. "Quite a different story from their earnings last quarter and when you look at the reaction and sentiment, maybe a bit of de-risking going into the print," said Adam Turnquist, chief technical strategist for LPL Financial in Charlotte, North Carolina.

The Dow Jones Industrial Average fell 69.72 points, or 0.15%, to 48,945.88, ⁠the S&P ‌500 fell 53.52 points, or 0.77%, to ⁠6,924.51 and the Nasdaq Composite fell 379.35 points, or 1.59%, to 23,478.10. MSCI's gauge of stocks across the globe fell 5.18 points, or 0.49%, to 1,046.49, its first decline after six sessions ‍of gains, while the pan-European STOXX 600 index rose 0.17% as gains in mining and energy stocks helped offset a drop in technology names. The dollar index, which ​measures the greenback against a basket of currencies, rose 0.36% to 96.51, its second straight daily advance after a recent bout of weakness, ⁠with the euro down 0.22% at $1.1926. The dollar was supported in part by Wednesday's decision by the Federal Reserve to leave interest rates unchanged, with Chair Jerome Powell citing a solid economy and lowered ⁠risks to both inflation and employment, indicating the central bank could have a long runway before cutting rates again. U.S. economic data on Thursday showed weekly initial jobless claims fell, indicating layoffs remained low, although soft hiring kept consumers pessimistic about the labor market. Oil prices surged, with U.S. crude up ⁠2.67% to $64.90 a barrel and Brent rising to $70.31 per barrel, up 2.79% on the day after climbing more than 5% on concerns about a possible ⁠U.S. military attack on Iran.

The geopolitical ‌tensions helped keep upward pressure on gold, which hit a record of $5,594.82 an ounce, its ninth straight record high. Gains faded, however, and spot gold was last down 4.13% at $5,176.45 an ounce.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)