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FMC plunges 33% on lower quarterly revenue forecast

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Uber ( UBER ) declines after guiding Q1 bookings below estimates

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Indexes: Dow up 0.15%, S&P 500 down 0.08%, Nasdaq down

0.34%

(Updates with afternoon prices)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

The S&P 500 and the Nasdaq slipped on Wednesday, with

Alphabet the biggest drag after the tech giant's dour cloud

revenue and hefty investments into artificial intelligence

disappointed investors, while a slew of earnings added to the

volatility.

Google-parent Alphabet dropped 8.2% after posting

downbeat cloud revenue growth and earmarking a

higher-than-expected $75 billion for its AI buildout this year.

"The market has some evidence to suggest that there are

other companies that possibly doing it cheaper, better, faster,

quicker," said Dave Grecsek, managing director in planning

strategy and research at Aspiriant.

"So what is the wisdom of continuing to maintain high

capex?"

AI-related stocks were rocked last week following the

soaring popularity of a low-cost Chinese artificial intelligence

model developed by startup

DeepSeek

. Nvidia ( NVDA ), one of the companies that was the worst

hit, was up 3.8% on the day.

Advanced Micro Devices ( AMD ), meanwhile, lost 8.9% after

CEO Lisa Su said the company's current-quarter data center sales

- a proxy for its AI revenue - would fall about 7% from the

previous quarter.

On the data front, U.S. services sector activity

unexpectedly slowed in January amid cooling demand, helping curb

price growth, a reading from the Institute for Supply Management

showed.

Private payrolls rose by 183,000 jobs last month, compared

with an estimated 150,000 increase, per economists polled by

Reuters.

The all-important January nonfarm payrolls report is expected

to be released on Friday.

Shares of Apple ( AAPL ) eased 1.2% as Bloomberg News

reported that China's antitrust regulator was preparing for a

possible investigation of the iPhone maker.

At 11:33 a.m. ET, the Dow Jones Industrial Average

rose 65.83 points, or 0.15%, to 44,621.87, the S&P 500

lost 4.37 points, or 0.08%, to 6,033.51 and the Nasdaq Composite

lost 70.17 points, or 0.34%, to 19,586.61.

Eight of the 11 S&P 500 sectors traded higher, though

communication services' over 3% fall obscured gains.

Uber Technologies ( UBER ) dropped 7.2% after the

ride-hailing company forecast current-quarter bookings below

estimates.

Fiserv ( FI ) advanced 7.1% as the payments firm beat

estimates for fourth-quarter profit, helped by strong demand in

its banking and payments processing unit.

Markets also looked for developments on the tariffs front

after U.S. President Donald Trump said on Tuesday he was in no

hurry to speak to Chinese President Xi Jinping to try to defuse

a new trade war between the countries.

Richmond Fed president Thomas Barkin said the Fed was still

leaning towards more rate cuts this year, but flagged

uncertainty around the impact of new tariffs, immigration,

regulations and other Trump administration initiatives.

Among top movers, FMC Corp ( FMC ) plunged 33.6% after the

agrichemicals producer forecast first-quarter revenue below

estimates.

Johnson Controls ( JCI ) jumped 11.1% as the building

solutions company named Joakim Weidemanis as chief executive

officer and lifted its 2025 profit forecast.

Advancing issues outnumbered decliners by a 2.03-to-1

ratio on the NYSE and by a 1.6-to-1 ratio on the Nasdaq.

The S&P 500 posted 27 new 52-week highs and 12 new lows,

while the Nasdaq Composite recorded 81 new highs and 69 new

lows.