S&P 500 falls as Microsoft dives 12%, software stocks tumble

The S&P 500  fell on Thursday, bogged down by Microsoft, as traders reacted to the megacap technology company’s latest earnings results as well as the Federal Reserve interest rate decision.

The broad market index slipped 0.6%, while the Nasdaq Composit declined 1.3%. The Dow Jones Industrial Average dropped 103 points, or 0.2%. In cryptocurrencies, bitcoin  shed around 6% and hit its lowest level in almost two months.

Microsoft dragged down the benchmark with an 12% slide, which would be its worst day since March 2020. That’s after the “Magnificent Seven” member reported that cloud growth slowed in the fiscal second quarter. The company also issued soft guidance on operating margin for the fiscal third quarter.