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FMC plunges on lower quarterly revenue forecast

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Uber ( UBER ) declines after guiding Q1 bookings below estimates

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Indexes down: Dow 0.29%, S&P 500 0.42%, Nasdaq 0.71%

(Updates after markets open)

By Shashwat Chauhan and Sukriti Gupta

Feb 5 (Reuters) -

Wall Street's main indexes fell on Wednesday, as

disappointing forecasts from Alphabet and AMD fueled investor

doubts around the payoff from hefty investments into artificial

intelligence.

Google-parent Alphabet dropped 8.3% after posting

downbeat cloud revenue growth and earmarking a

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

"While some investors may have hoped that Silicon Valley

would exercise caution in the wake of China's AI innovations,

the opposite is occurring," Jochen Stanzl, chief market analyst

at CMC Markets, said in a mailed statement.

Advanced Micro Devices ( AMD ) lost 9.9% 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.

"The guidance from many of the big major corporations

has been disappointing and it threatens the expectations of

earnings growth for this year," said Robert Pavlik, senior

portfolio manager at Dakota Wealth Management.

Uber Technologies ( UBER ) dropped 6.9% after the

ride-hailing company forecast current-quarter bookings below

estimates.

Shares of Apple ( AAPL ) fell 1.6% as Bloomberg News

reported that China's antitrust regulator was preparing for a

possible investigation of the iPhone maker.

At 10:11 a.m. ET, the Dow Jones Industrial Average

fell 129.61 points, or 0.29%, to 44,426.43, the S&P 500

lost 25.38 points, or 0.42%, to 6,012.50 and the Nasdaq

Composite lost 138.66 points, or 0.71%, to 19,515.36.

Six of the 11 S&P 500 sectors traded lower, with

communication services leading losses with a 3.2%

fall.

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.

Markets also looked for developments on the tariffs front.

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.

Morgan Stanley joined Barclays and Macquarie in forecasting

a single 25-basis-point interest rate cut by the U.S. Federal

Reserve this year, citing uncertainty from Trump's tariff

policy.

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 35.5% after the

agrichemicals producer forecast first-quarter revenue below

estimates.

U.S.-listed shares of Chinese e-commerce firm PDD Holdings ( PDD )

dropped 1.7% after a report that the U.S. was

considering whether to add PDD's Temu to Homeland Security's

"forced labor" list.

Advancing issues outnumbered decliners by a 1.5-to-1 ratio

on the NYSE and by a 1.25-to-1 ratio on the Nasdaq.

The S&P 500 posted 23 new 52-week highs and 11 new lows,

while the Nasdaq Composite recorded 59 new highs and 59 new

lows.