U.S. Stocks Move Sharply Lower As Microsoft Plunges

Market Performance - Stocks have sharply declined, with the Nasdaq down 571.65 points or 2.4 percent, S&P 500 down 89.67 points or 1.3 percent, and Dow down 238.87 points or 0.5 percent [1] - The sell-off is largely attributed to a significant drop in Microsoft shares, which fell by 11.9 percent to its lowest intraday level in nine months [2] - Profit-taking may be contributing to market weakness after the S&P 500 briefly surpassed the 7,000 level [5] Company-Specific Developments - Microsoft is facing pressure due to slowing cloud computing growth and disappointing third quarter operating margin guidance [2] - Tesla has also seen a notable decline despite reporting better than expected fourth quarter results [3] - Meta Platforms shares increased by 7.2 percent after reporting better than expected fourth quarter results and forecasting first quarter revenues above analyst estimates [4] - IBM shares surged after exceeding expectations on both top and bottom lines in its fourth quarter results [4] - ServiceNow shares plunged by 11.9 percent despite reporting better than expected fourth quarter earnings [6] Sector Performance - The Dow Jones U.S. Software Index dropped by 9.5 percent, marking its lowest intraday level in nine months, largely due to Microsoft's decline [5] - Gold stocks experienced significant weakness, with the NYSE Arca Gold Bugs Index down by 5.9 percent due to a sharp pullback in gold prices [6] - Oil producer stocks performed well, with the NYSE Arca Oil Index rising by 2.2 percent amid a surge in crude oil prices [7] International Markets - Stock markets in the Asia-Pacific region mostly moved higher, with Japan's Nikkei 225 Index closing marginally higher and China's Shanghai Composite Index up by 0.2 percent [8] - European markets showed mixed performance, with the German DAX Index down by 1.9 percent while the French CAC 40 Index and the U.K.'s FTSE 100 Index were up by 0.2 percent and 0.4 percent respectively [8]