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Stocks fall with Meta, Microsoft; dollar dips after U.S. information

World stock indexes dropped on Thursday, with the Nasdaq down more than 2% after Facebook owner Meta Platforms and Microsoft both warned of rising costs for expert system, while the dollar damaged a little after U.S. data did little to recommend a modification to Federal Reserve policy.

The reports contributed to concerns amongst investors that the pay-off for heavy spending on AI might take longer than numerous had hoped.

Shares of Meta were down 4.1% while Microsoft was 6% lower, with both weighing on the Nasdaq and S&P 500.

All eyes will be on arise from Amazon.com and Apple when they report after the closing bell.

Data on Thursday revealed U.S. consumer costs increased somewhat more than expected in September, putting the economy on a greater growth trajectory heading into the final 3 months of the year.

Another U.S. report revealed the employment expense index (ECI),. the broadest measure of labor expenses, increased 0.8% in the 3rd. quarter. That was the tiniest gain given that the second quarter of. 2021 and followed an unrevised 0.9% increase in the 2nd. quarter.

Costs has grown, but it's increasingly focused in. non-discretionary locations like healthcare, prescription drugs,. real estate, and utilities, said Brian Jacobsen, chief financial expert at. Annex Wealth Management in Menomonee Falls, Wisconsin.

The dollar likewise came under pressure against the yen after. the Bank of Japan took a less dovish tone than anticipated, while. the euro was more powerful after data showed the bloc's inflation. accelerated more than expected in October, bolstering the case. for care in European Reserve bank rate of interest cuts.

The dollar index, which determines the greenback. against a basket of currencies, was down 0.1% at 103.95, with. the euro up 0.1% at $1.0866. Versus the Japanese yen. , the dollar compromised 0.53% to 152.59.

Traders see a 25 basis point cut at the Fed's Nov. 6-7. meeting as near certain, but only a 70% opportunity of a 25 basis. point decrease at both its November and December meetings,. according to the CME Group's FedWatch Tool.

Friday's U.S. jobs report for October will be closely. viewed as well as the U.S. presidential election on Tuesday.

Viewpoint polls still are putting Republican Donald Trump and. Democratic Vice President Kamala Harris neck and neck.

The Dow Jones Industrial Average fell 378.35 points,. or 0.90%, to 41,763.19, the S&P 500 fell 108.30 points,. or 1.86%, to 5,705.37 and the Nasdaq Composite fell. 512.78 points, or 2.76%, to 18,095.15.

MSCI's gauge of stocks around the world fell. 12.08 points, or 1.43%, to 832.86.

In Europe, the STOXX 600 struck its least expensive in 7. weeks in a heavy day for profits. The STOXX 600 index. ended 1.2% lower.

U.S. Treasury yields increased after the U.S. financial data.

The yield on benchmark U.S. 10-year notes increased. 0.8 basis points to 4.272%, from 4.264% late on Wednesday. They. reached an almost four-month high of 4.339% on Tuesday.

In cryptocurrencies, bitcoin fell 3.17% to. $ 70,523.00.

Gold pulled back after hitting a record high, however was on track. for its fourth straight regular monthly gain.

Oil costs extended gains after settlement, increasing on a. report that Iran is preparing to assault Israel from Iraqi. territory in the coming days.

WTI petroleum futures leapt $1.81 to $70.42 at 3:00 p.m. EDT, after settlement and Brent futures for January shipment. leapt by $1.82 to $73.98. U.S. crude increased 1.33% to. $ 69.52 a barrel and Brent rose to $73.23 per barrel, up. 0.94% on the day.

(source: Reuters)